8 Estimated cash receipts from:Part-time jobDepositTotal cash receiptsLess estimated cash payments for:Season football ticketsAdditional entertainmentTuitionRentFoodFor the Four Months Ending December 31SeptemberDepositTotal cash paymentsCash increase (decrease)Plus cash balance at beginning of monthCash balance at end of monthStaticA$A10$tAA$October00$LA$$b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?November00011tAADecember44 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 budget mustplan 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:$10,100Cash balance, September 1 (from a summer job)Purchase season football tickets in SeptemberAdditional entertainment for each monthXOpen spreadsheetPay fall semester tuition in SeptemberPay rent at the beginning of each monthPay for food each monthPay apartment deposit on September 2 (to be returned December 15)Part-time job earnings each month (net of taxes)1,150below.This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions150240Craig KovarCash Budget5,300580530580a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with aminus sign.

Cash budget refers to the presentation of the cash receipts and payments in a particular period…

Estimated cash receipts from: Part-time job ✓ Deposit ✓ Total cash receipts Less estimated cash payments for: Season football tickets Additional entertainment Tuition Rent Food - V ✔ For the Four Months Ending December 31 September October $ $ $ $ $ Deposit Total cash payments Cash increase (decrease) Plus cash balance at beginning of month Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible hudget? November $ $ $ December

Estimated cash receipts from: Part-time job ✓ Deposit ✓ Total cash receipts Less estimated cash payments for: Season football tickets Additional entertainment Tuition Rent Food - V ✔ For the Four Months Ending December 31 September October $ $ $ $ $ Deposit Total cash payments Cash increase (decrease) Plus cash balance at beginning of month Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible hudget? November $ $ $ December

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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