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Personal Budget At the beginning of the school year, Craig Kover decided to prepare a cash budget for the months of September October, November, and December. The budget must plan for enough cath on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cath balance, September 1 (from a summer job) $7.910 Purchase on football tickets in September 110 Additional entertainment for each month 270 Pay all semester tuition in September 4,300 Pay rent at the beginning of each month 380 Pay for food each month 220 Pay apartment deposit on September 2 to be returned December 15) 500 Part-time job earning each month (net of taxes) 980 2. Prepare a Cath budget for September October, November, and December. Use the mout 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 Estimate the receipts from Part-time job 900 900 980 980 Deposit 500 Total arts 900 9110 90 1.480 tomated cathyments for Season football tickets 110X Additional entertainment 270 270 X 270 X 270 X Tuition 500 980 Pay apartment deposit on September 2 to be returned December 15) Part-time job earnings each month (net of taxes) Prepare a cash budget for September October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payment Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Part-time job 980 980 980 980 Deposit 500 Total cash receipts 980 980 980 1.4307 Less estimated cash payments for: Season football tickets 110 X Additional entertainment 270 X 270 X 270 X 270 X Tuition Rent 380 X 380 X 380 X Food 220 X 220 X 220 X 220 X Deposit 500 x 4.300X 380 Total cash payments Cash increase (decres) Plus cash balance at beginning of month Quod DUD DUIT Cash Dance stond of month What weaknesses are shown by this cash budget? Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? Static What are the budget implications for Craig Kovar? Ce that is present plan will not provide and December, with no time left to adjust sufficient cash. If Craig did not budget but went ahead with the original plan, he would be short