Personal budget

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:

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 $31$Personal budgetb. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?

c$.$ What are the budget implications for Craig Kovar?

Craig can see that his present plan

sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $

at the end of December, with no time left to adjust.Total cash receipts

$

$

Less estimated cash payments for:

$

$

$

$

$

$

$

Cash increase $($decrease$)$

$=$$

$

$

$

$!$

$!$

$

Cash balance at end of month

$

$

$

$\frac{?}{\text{b}\text{a}\text{r}}()$

b$.$ Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?

$!$

c$.$ What are the budget implications for Craig Kovar?

Craig can see that his present plan

sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $

$!$

at the end of December, with no time left to adjust.

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$)$ $$8,160$

Purchase season football tickets in September $110$

Additional entertainment for each month $280$

Pay fall semester tuition in September $4,400$

Pay rent at the beginning of each month $390$

Pay for food each month $220$

Pay apartment deposit on September $2($to be returned December $15)600$

Part$-$time job earnings each month $($net of taxes$)1,010$

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:

$$-$ Select $-$

$$-$ Select $-$

$$-$ Select $-$

$$-$ Select $-$

$-$ Select $-$

Total cash receipts $Total cash receipts

$Total cash receipts

$Total cash receipts

$Total cash receipts

Less estimated cash payments for:

$$-$ Select $-$

$-$ Select $-$

$$-$ Select $-$

$$-$ Select $-$

$$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

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$)$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

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

Question Content Area

b$.$ Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?

c$.$ What are the budget implications for Craig Kovar?

Craig can see that his present plan fill in the blank $1$ of $1$

sufficient cash. If Craig did not budget but went ahead with the original plan, he would be fill in the blank $2$ of $3$$

fill in the blank $3$ of $3$

at the end of December, with no time left to adjust.