Using Excel formulas in Excel.Preparation of cash budget. Personal finance problemSam and Suzy Sizeman need to prepare a cash budget for the last quarter of 2016 in order to make sure they can cover their expenditures during the period. Sam and Suzy have been preparing budgets for the past several years and have been able to establish specific percentages for most of their cash outflows. These percentages are based on their take-home pay (that is., monthly utilities normally run

4.5 %4.5%

of monthly take-home pay). The information here

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can be used to create their fourth-quarter budget for 2016.

a. Prepare a quarterly cash budget for Sam and Suzy covering the months October through December 2016.

b. Are there individual months that incur a deficit?

c. What is the cumulative cash surplus or deficit by the end of December 2016?

a. Complete the October 2016 cash budget below:(Round to the nearest dollar.)

Sam and Suzy Sizeman
Personal Budget
for the Period October-December 2016
		October
Income
Take-home pay		$
Expenses	Percent
Housing	29.6%	$
Utilities	4.5%	$
Food	10.3%	$
Transportation	7.1%	$
Medical/Dental	0.4%	$
Clothing	3.3%	$
Property taxes	11.4%	$
Appliances	1.5%	$
Personal care	1.8%	$
Entertainment	5.8%	$
Savings	7.9%	$
Other	5.2%	$
Excess cash	4.3%	$
Total expenses		$
Cash surplus or (deficit)		$
Cumulative cash surplus or (deficit)		$