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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: Cash balance, September 1 (from a summer job) $8,930 Purchase season football tickets in September 120 Additional entertainment for each month 310 Pay fall semester tuition in September 4,800 Pay rent at the beginning of each month 430 Pay for food each month 240 Pay apartment deposit on September 2 (to be returned December 15) 600 Part-time job earnings each month (net of taxes) 1,110 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 September October November December Estimated cash receipts from: Part-time job 1,110 1,110 1,110 $ 1,110 Deposit 600 1 110 1.710 Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Part-time job 1.110 1.110 1,110 1,110 Deposit 600 1,110 1,110 1,110 1.710 Total cash receipts Less estimated cash payments for: Season football tickets -120 Additional entertainment -310 -310 -310 $ -310 Tuition -4,800 Rent -430 -430 -430 -430 Food -240 -240 -240 -240 Deposit -600 -980 -980 $ -6,500 -980 Total cash payments >> -5,390 130 130 130 x Cash increase (decrease) Plus cash balance at beginning of month 8,930 3,540 Cash balance at end of month Feedback Cash balance at end of month 3,540 Feedback b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? Static c. What are the budget implications for Craig Kovar? Craig can see that his present plan will not provide sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $ short at the end of December, with no time left to adjust. Feedback Feedback Previous Check My Work Next >