Please do not give solution in image format thanku eBookShow Me HowPersonal 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 planfor 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 SeptemberAdditional entertainment for each monthPay fall semester tuition in SeptemberPay rent at the beginning of each monthPay for food each month.Pay apartment deposit on September 2 (to be returned December 15)Part-time job earnings each month (net of taxes)$9,2501602504,8006005506001,200 Estimated cash receipts from:Part-time jobDepositTotal cash receiptsLess estimated cash payments for:Season football ticketsAdditional entertainmentTuitionRentFoodDepositTotal cash paymentsCash increase (decrease)Plus cash balance at beginning of monthCash balance at end of monthCraig KovarCash BudgetFor the Four Months Ending December 31September OctoberFul1,2001,2001,200 V1,200November December1,200✔1,200 ✓1,2006001,800

The cash budget records the cash inflow and cash outflow transactions during the period.Cash inflow…

Estimated cash receipts from: Part-time job Deposit Total cash receipts Less estimated cash payments for: Season football tickets Additional entertainment Tuition Rent Food Deposit Craig Kovar Cash Budget For the Four Months Ending December 31 September October Total cash payments Cash increase (decrease) Plus cash balance at beginning of month Cash balance at end of month 1,200 V 1,200 ✔ November 1,200 S 1,200 ✓ 1,200 1,200 ✓ 00 10000 00 December 1,200 600 ✓ 1,800✔ 8 18

Estimated cash receipts from: Part-time job Deposit Total cash receipts Less estimated cash payments for: Season football tickets Additional entertainment Tuition Rent Food Deposit Craig Kovar Cash Budget For the Four Months Ending December 31 September October Total cash payments Cash increase (decrease) Plus cash balance at beginning of month Cash balance at end of month 1,200 V 1,200 ✔ November 1,200 S 1,200 ✓ 1,200 1,200 ✓ 00 10000 00 December 1,200 600 ✓ 1,800✔ 8 18

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exercises 1. At the beginning of the school year, Bailey Eyelash 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: B Cash Inflow/outflow Cash balance, September 1 (from employment) Monthly Netflix subscription Additional entertainment each month Fall tuition payment in September Monthly rent Monthly food Apartment deposit paid on Sep 2. Will be returned on Dec 15. Monthly net earnings from employment Dollar Amount $6,000 14 250 3,500 450 400 450 1,300 a. Prepare a cash budget for September, October, November, and December. b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? C. What are the budget implications for Bailey Eyelash?
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