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At the beginning of the school year, Katherine Malloy 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 Pay rent at the beginning of each month Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) Estimated cash receipts from: Part-time job Deposit Total cash receipts Estimated cash payments for: Season football tickets Additional entertainment Tuition KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October $ 880 ✓ a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign. 880 100 250 2000. ✓ 880 ✓ $7,060 880 250 100 250 3,800 340 190 500 880 November December 880 880 ✓ $ 250 ✔ 880 500 1,380 250 ✓ ✓ ✓

At the beginning of the school year, Katherine Malloy 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 Pay rent at the beginning of each month Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) Estimated cash receipts from: Part-time job Deposit Total cash receipts Estimated cash payments for: Season football tickets Additional entertainment Tuition KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October $ 880 ✓ a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign. 880 100 250 2000. ✓ 880 ✓ $7,060 880 250 100 250 3,800 340 190 500 880 November December 880 880 ✓ $ 250 ✔ 880 500 1,380 250 ✓ ✓ ✓

FINANCIAL ACCOUNTING
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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1.) Question C with the red X
Tuition Rent Food Deposit Total cash payments Overall cash increase (decrease) Cash balance at beginning of month Cash balance at end of month Feedback ►Check My Work Static 3,800✔ 340 ✔ 190 ✔ 500 ✓ 5,180✔ Feedback -4,300 $ 7,060 ✔ 2,760 ✔ 340 190 ✔ 780 100 ✓ ✓ 2,760 2,860 ✔ 340 190 780 100 2,860 ✓ 2,960 ✓ 340 190 780 600 2,960 3,560 b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? ✓ c. Malloy can see that her present plan will not provide ✔sufficient cash. If Malloy did not budget but went ahead with the original plan, she would be $ -3,500 X short ✔at the end of December, with no time left to adjust.
Transcribed Image Text:Tuition Rent Food Deposit Total cash payments Overall cash increase (decrease) Cash balance at beginning of month Cash balance at end of month Feedback ►Check My Work Static 3,800✔ 340 ✔ 190 ✔ 500 ✓ 5,180✔ Feedback -4,300 $ 7,060 ✔ 2,760 ✔ 340 190 ✔ 780 100 ✓ ✓ 2,760 2,860 ✔ 340 190 780 100 2,860 ✓ 2,960 ✓ 340 190 780 600 2,960 3,560 b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? ✓ c. Malloy can see that her present plan will not provide ✔sufficient cash. If Malloy did not budget but went ahead with the original plan, she would be $ -3,500 X short ✔at the end of December, with no time left to adjust.
At the beginning of the school year, Katherine Malloy 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 Pay rent at the beginning of each month Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) Estimated cash receipts from: Part-time job Deposit Total cash receipts Estimated cash payments for: Season football tickets KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October Additional entertainment Tultim $ 880 ✓ a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign. 880 ✓ 100 250 2 onn 1 880 ✓ $7,060 880 250 100 250 3,800 340 190 500 880 November December 880 880 ✓ $ 250 ✔ 880 500 1,380 ✓ ✓ 250 ✓
Transcribed Image Text:At the beginning of the school year, Katherine Malloy 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 Pay rent at the beginning of each month Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) Estimated cash receipts from: Part-time job Deposit Total cash receipts Estimated cash payments for: Season football tickets KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October Additional entertainment Tultim $ 880 ✓ a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign. 880 ✓ 100 250 2 onn 1 880 ✓ $7,060 880 250 100 250 3,800 340 190 500 880 November December 880 880 ✓ $ 250 ✔ 880 500 1,380 ✓ ✓ 250 ✓
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