please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Personal 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 budgetmust 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 thebudget:Cash balance, September 1 (from a summer job)Purchase season football tickets in SeptemberAdditional entertainment for each month$8,3001402204,300530480Pay fall semester tuition in SeptemberPay rent at the beginning of each monthPay for food each monthPay apartment deposit on September 2 (to bereturned December 15)Part-time job earnings each month (net of taxes)1,050This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in thequestions below.Open spreadsheet530 Craig KovarCash BudgetFor the Four Months Ending December 31Estimated cash receipts from:Total cash receiptsLess estimated cash payments for:Total cash paymentsCash increase (decrease)September October November December$$$c. What are the budget implications for Craig Kovar?Craig can see that his present plan$Cash balance at end of month$b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?sufficient cash. If Craig did not budget but went ahead with the original plan, he would beat the end of December, with no time left to adjust.

Examine the cash budget to find any possible problems with cash flow, such as periods of excess or…

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) September October November December $ $ $ $ c. What are the budget implications for Craig Kovar? Craig can see that his present plan $ $ $ Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $

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) September October November December $ $ $ $ c. What are the budget implications for Craig Kovar? Craig can see that his present plan $ $ $ Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $

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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