takeAssignment/takeAssignmentMain.do?invoker=&takeAssignme... 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) Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September $6,340 90 220 3,400 Pay rent at the beginning of each month 310 Pay for food each month 170 Pay apartment deposit on September 2 (to be returned December 15) 400 Part-time job earnings each month (net of taxes) 790 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: I Craig Kovar Cash Budget For the Four Months Ending December 31 Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Total cash payments Cash increase (decrease) Cash balance at end of month September October November December 88 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 went ahead with the original plan, he would be $ December, with no time left to adjust. sufficient cash. If Craig did not budget but at the end of