Homework Help is Here – Start Your Trial Now!
Business
Accounting
Instructions a. Using the following cash budget, compute your cash balance at the end of weeks 2, 3, and 4. Beginning cash balance Expected cash receipts Less: Expected cash outlays: Monthly rent Meals Entertainment Gasoline Ending cash balance b. Evaluate your financial situation. Week 1 2 3 4 $140 100 $(20) 100 $ ? 100 Page 629 $ ? 100 (200) (30) (20) (10) $(20) $ ? $ ? $ ?

Instructions a. Using the following cash budget, compute your cash balance at the end of weeks 2, 3, and 4. Beginning cash balance Expected cash receipts Less: Expected cash outlays: Monthly rent Meals Entertainment Gasoline Ending cash balance b. Evaluate your financial situation. Week 1 2 3 4 $140 100 $(20) 100 $ ? 100 Page 629 $ ? 100 (200) (30) (20) (10) $(20) $ ? $ ? $ ?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
CASE 13.2 Cash Budgeting for You as a Student LO13-1, LO13-8 Individuals generally do not prepare statements of cash flows concerning their personal activities. But they do engage in cash budgeting-if not on paper, then at least in their heads. Assume it is December 29-a Monday. While you are in school, you share a modest apartment with several other students and work part time, both near your school to minimize expenses. In two days your share of the rent for January, $200, will be due. You now have $140 in the bank; every Friday you receive a paycheck for $100. You probably see the problem. And it may not look too serious; you can find a way to deal with it. That's what budgeting is all about. Let's take this example a step further. In addition to the facts given, your weekly cash payments include meals, $30; entertainment, $20; and gasoline, $10. Instructions a. Using the following cash budget, compute your cash balance at the end of weeks 2, 3, and 4. Page 629 Beginning cash balance. Expected cash receipts Less: Expected cash outlays: Monthly rent Meals Entertainment Gasoline Ending cash balance. b. Evaluate your financial situation. Week 1 2 3 4 $140 100 $(20) 100 $ ? 100 $ ? 100 (200) (30) (20) (10) $ (20) $ ? $ ? $ ?
Transcribed Image Text:CASE 13.2 Cash Budgeting for You as a Student LO13-1, LO13-8 Individuals generally do not prepare statements of cash flows concerning their personal activities. But they do engage in cash budgeting-if not on paper, then at least in their heads. Assume it is December 29-a Monday. While you are in school, you share a modest apartment with several other students and work part time, both near your school to minimize expenses. In two days your share of the rent for January, $200, will be due. You now have $140 in the bank; every Friday you receive a paycheck for $100. You probably see the problem. And it may not look too serious; you can find a way to deal with it. That's what budgeting is all about. Let's take this example a step further. In addition to the facts given, your weekly cash payments include meals, $30; entertainment, $20; and gasoline, $10. Instructions a. Using the following cash budget, compute your cash balance at the end of weeks 2, 3, and 4. Page 629 Beginning cash balance. Expected cash receipts Less: Expected cash outlays: Monthly rent Meals Entertainment Gasoline Ending cash balance. b. Evaluate your financial situation. Week 1 2 3 4 $140 100 $(20) 100 $ ? 100 $ ? 100 (200) (30) (20) (10) $ (20) $ ? $ ? $ ?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS