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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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Personal budget At the beginning of the school year, Priscilla Wescott 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) $5,300 Purchase season football tickets in September 160 Additional entertainment for each month 260 Pay fall semester tuition in September 3,100 470 Pay rent at the beginning of each month 420 Pay for food each month 470 Pay apartment deposit on September 2 (to be returned December 15) 1,350 Part-time job earnings each month (net of taxes) This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Priscilla Wescott Cash Budaet
Transcribed Image Text:Personal budget At the beginning of the school year, Priscilla Wescott 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) $5,300 Purchase season football tickets in September 160 Additional entertainment for each month 260 Pay fall semester tuition in September 3,100 470 Pay rent at the beginning of each month 420 Pay for food each month 470 Pay apartment deposit on September 2 (to be returned December 15) 1,350 Part-time job earnings each month (net of taxes) This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Priscilla Wescott Cash Budaet
September October November December Estimated cash receipts from: Additional entertainment Total cash recelpts Less estimated cash payments for: Total cash payments Cash increase (decrease) Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? c. What are the budget implications for Priscila Wescott? sufficient cash. Ir Priscilla did not budget but went at the end of December, with Priscilla can see that her present plan ahead with the original plan, she would be $
Transcribed Image Text:September October November December Estimated cash receipts from: Additional entertainment Total cash recelpts Less estimated cash payments for: Total cash payments Cash increase (decrease) Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? c. What are the budget implications for Priscila Wescott? sufficient cash. Ir Priscilla did not budget but went at the end of December, with Priscilla can see that her present plan ahead with the original plan, she would be $
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