Personal budget

At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December $31$ to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget:

Line Item Description Amount

Cash balance, September $1($from a summer job$)$ $$7,270$

Purchase season football tickets in September $100$

Additional entertainment for each month $250$

Pay fall semester tuition in September $3,900$

Pay rent at the beginning of each month $350$

Pay for food each month $200$

Pay apartment deposit on September $2($to be returned December $15)500$

Part$-$time job earnings each month $($net of taxes$)900$

Question Content Area

a$.$ Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.

Craig Kovar

Cash Budget

For the Four Months Ending December $31$

Line Item Description September October November December

Estimated cash receipts from:

Part$-$time job

$Part$-$time job

$Part$-$time job

$Part$-$time job

$Part$-$time job

Deposit

Deposit

Total cash receipts $Total cash receipts

$Total cash receipts

$Total cash receipts

$Total cash receipts

Less estimated cash payments for:

Season football tickets

$Season football tickets

Additional entertainment

Additional entertainment

$Additional entertainment

$Additional entertainment

$Additional entertainment

Tuition

Tuition

Rent

Rent

Rent

Rent

Rent

Food

Food

Food

Food

Food

Deposit

Deposit

Total cash payments $Total cash payments

$Total cash payments

$Total cash payments

$Total cash payments

Cash increase $($decrease$)$ $Cash increase $($decrease$)$

$Cash increase $($decrease$)$

$Cash increase $($decrease$)$

$Cash increase $($decrease$)$

Plus cash balance at beginning of month

Plus cash balance at beginning of month

Plus cash balance at beginning of month

Plus cash balance at beginning of month

Plus cash balance at beginning of month

Cash balance at end of month $Cash balance at end of month

$Cash balance at end of month

$Cash balance at end of month

$Cash balance at end of month