Personal budget At the beginning of the school year, Joe Student 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:  

 

DATA

Cash balance, September $1($from a summer job$)$ $$8,700$

Purchase season football tickets in September $170$

Additional entertainment for each month $270$

Pay fall semester tuition in September $4,500$

Pay rent at the beginning of each month $650$

Pay for food each month $600$

Pay apartment deposit on September $2($to be returned December $15)650$

Part$-$time job earnings each month $($net of taxes$)1,300$

Prepare the cash budget for the quarter of the year.

Joe Student

Cash Budget

For the Four Months Ending December $31$

September October November December

a$.$ Estimated cash receipts from:

Total cash receipts

Less estimated cash payments for:

Total cash payments

Cash increase $($decrease$)$

Beginning Cash balance

Cash balance at end of month

c$.$ Budget surplus$/$shortage at the end of December

Provide a $150-300$ word statement as to whether Joe will have enough money at the end of December to cover the spring semester's tuition. Include figures and shortage$/$overage amounts.

Flexible budget for selling and administrative expenses for a service company

Tax Services Inc. $($a fictitious company$)$ uses flexible budgets that are based on the following data:

DATA

Sales commissions $6\%$ of sales

Advertising expense $16\%$ of sales

Miscellaneous administrative expense $$8,500$ per month plus $4\%$ of sales

Office salaries expense $$54,000$ per month

Customer support expenses $$17,000$ per month plus $27\%$ of sales

Research and development expense $$73,000$ per month

Using formulas and cell references, perform the required analysis, and input your answers into the green cells in the C$,$ D$,$ E$,$ and F columns. Enter all amounts as positive numbers.

Tax Services Inc.

Flexible Selling and Administrative Expenses Budget

For the Month Ending October $31$

Total sales $$500,000$ $$800,000$ $$1,100,000$

Variable cost:

Total variable cost

Fixed cost:

Total fixed cost

What are Total selling and administrative expenses?

What are some common examples of recoveries in accounting?