### Preparing a Personal Cash Budget for College ExpensesAt the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. This budget aims to ensure there is enough cash on December 31 to cover the spring semester tuition, which matches the fall semester tuition cost. Below is the detailed information used in Craig's budget planning:- **Cash Balance on September 1 (from a summer job):** $9,250- **Purchase Season Football Tickets in September:** $160- **Additional Entertainment for Each Month:** $250- **Pay Fall Semester Tuition in September:** $4,800- **Pay Rent at the Beginning of Each Month:** $600- **Pay for Food Each Month:** $550- **Pay Apartment Deposit on September 2 (to be returned December 15):** $600- **Part-Time Job Earnings Each Month (net of taxes):** $1,200#### Assignmenta. Prepare a cash budget for September, October, November, and December using the above data. Indicate cash outflows with a minus sign (−), representing decreases in or payments of cash.#### Budget TableCraig Kovar Cash Budget For the Four Months Ending December 31 Prepare a detailed financial plan considering the needs and expenses over these four months. **Cash Flow Projection for the Four Months Ending December 31****Estimated Cash Receipts From:**- *Part-time job* - September: $1,200 - October: $1,200 - November: $1,200 - December: $1,200- *Deposit* - September: $1,200 - October: $1,200 - November: $1,200 - December: $500**Total Cash Receipts**- September: $1,200- October: $1,200- November: $1,200- December: $1,700**Less Estimated Cash Payments For:**- *Season football tickets* - September: $160- *Additional entertainment* - October: $250 - December: $250- *Tuition* - September: $3,500- *Rent* - October: $600 - November: $600 - December: $600- *Food* - October: $550 - November: $550 - December: $550- *Deposit* - September: $500**Total Cash Payments**- September: $4,820- October: $730- November: $730- December: $730**Cash Increase (Decrease)**- September: ($4,010)- October: $80- November: $470- December: $970**Plus Cash Balance at Beginning of Month**- $9,250 for each month**Cash Balance at End of Month**- September: $5,240- October: $5,320- November: $5,790- December: $6,760

Answered: Personal Budget At the beginning of the…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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At 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 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) $8,050 Purchase season football tickets in September 140 Additional entertainment for each month 220 Pay fall semester tuition in September 4,200 Pay rent at the beginning of each month 530 Pay for food each month 480 Pay apartment deposit on September 2 (to be returned December 15) 530 Part-time job earnings each month (net of taxes) 1,050 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.
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: \table[[Cash balance, September 1 (from a summer job), $8, 430 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: \table[[Cash balance, September 1 (from a summer job), $8,430
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Budget in Service Company (Cash Budget) Edge Soccer Program (Edge) began the year with a cash balance of $10,500. The budget forecasts that collections from customers owed to the company will be $11,000 in January and $15,200 in February. The soccer program is also supposed to receive $8,500 in January on a note receivable from a soccer club that owes Edge for training. Edge plans to purchase soccer equipment in January and February with cash. The budgeted amounts of the purchases are $15,600 in January and $14,800 in February. Operating costs for the business is $2900 per month. Edge must maintain a minimum cash balance of $10,000 in their bank account at all times. If the amount in the bank account falls below $10,000, then bank extends credit to Edge immediately in multiples of $1000. Edge pays back any amounts borrowed each quarter in payments of $2000 plus 4% interest. The first payment occurs three (3) months after the bank has extended edge credit. Requirement Prepare a cash…
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Cash Budget
Prepare Cash Budget For 3 Months Brewster Corporation expects the following cash receipts and disbursements during the first quarter of the year (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1) January February March $280,000 $300,000 $270,000 Cash receipts Cash disbursements 260,000 340,000 280,000 The expected cash balance at January 1, is $62,000. Brewster wants to maintain a cash balance at the end of each month of at least $60,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Prepare a cash budget for the quarter ended March 31. Brewster Corporation Cash Budget for the Quarter Ended March 31 January Beginning cash balance Cash receipts Short-term borrowings Cash available Cash disbursements Interest payment Total…
Perez Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Perez expects sales in January year 1 to total $210,000 and to increase 20 percent per month in February and March. All sales are on account. Perez expects to collect 68 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 8 percent in the second month following the sale. Required Prepare a sales budget for the first quarter of year 1. Determine the amount of sales revenue Perez will report on the year 1 first quarterly pro forma income statement. Prepare a cash receipts schedule for the first quarter of year 1. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Prepare a sales budget for the first quarter of year 1.
At 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 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: $6,650 Cash balance, September 1 (from a summer job) Purchase season football tickets in September 90 Additional entertainment for each month 230 Pay fall semester tuition in September 3,600 Pay rent at the beginning of each month 320 Pay for food each month 180 Pay apartment deposit on September 2 (to be returned December 15) 500 Part-time job earnings each month (net of taxes) 820 a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outfiows, a decrease in cash or cash payments. Craig Kovar Cash Budget For the Four Months Ending December 31 Line Item Description Estimated cash receipts from: Total cash recei Less…
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