Personal budgetAt 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:Cash balance, September $1($from a summer job$)$$$7,010$Purchase season football tickets in September$100$Additional entertainment for each month$240$Pay fall semester tultion in September$3,800$Pay rent at the beginning of each month$340$Pay for food each month$190$Pay apartment deposit on September $2($to be returned December $15)500$Part$-$time job earnings each month $($net of taxes$)870$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 KovarCash BudgetFor the Four Months Ending December $31$September October November DecemberLine Item DescriptionEstimated cash receipts from:Total cash receiptsLess estimated cash payments for:$Total cash paymentsCash increase $($decrease$)$Cash balance at end of monthb. 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 planat the end of December, with no time left to adjust.sufficient cash. If Cralg did not budget but went ahead with the original plan, he would be $Personal budget

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

$$7,010$

$100$

$240$

$3,800$

$340$

$190$

$500$

$870$

Purchase season football tickets in September

Additional entertainment for each month

Pay fall semester tultion in September

Pay rent at the beginning of each month

Pay for food each month

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

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

$870$

Craig Kovar

Cash Budget

For the Four Months Ending December $31$

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