Personal Budget 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) $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 a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: $Part-time job $Part-time job $Part-time job $Part-time job Deposit Total cash receipts $fill in the blank fff178fab02dfb7_8 $fill in the blank fff178fab02dfb7_9 $fill in the blank fff178fab02dfb7_10 $fill in the blank fff178fab02dfb7_11 Less estimated cash payments for: $Season football tickets Additional entertainment $Additional entertainment $Additional entertainment $Additional entertainment Tuition Rent Rent Rent Rent Food Food Food Food Deposit Total cash payments $fill in the blank fff178fab02dfb7_33 $fill in the blank fff178fab02dfb7_34 $fill in the blank fff178fab02dfb7_35 $fill in the blank fff178fab02dfb7_36 Cash increase (decrease) $fill in the blank fff178fab02dfb7_37 $fill in the blank fff178fab02dfb7_38 $fill in the blank fff178fab02dfb7_39 $fill in the blank fff178fab02dfb7_40 Plus cash balance at beginning of month Plus cash balance at beginning of month Plus cash balance at beginning of month Plus cash balance at beginning of month Cash balance at end of month $fill in the blank fff178fab02dfb7_46 $fill in the blank fff178fab02dfb7_47 $fill in the blank fff178fab02dfb7_48 $fill in the blank fff178fab02dfb7_49 Feedback b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? c. What are the budget implications for Craig Kovar? Craig can see that his present plan sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $fill in the blank 4977e107b02dffd_3 at the end of December, with no time left to adjust. Comment : In part C. I keep putting $5760 but it keeps saying that I have the wrong answer.
Personal Budget 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) $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 a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: $Part-time job $Part-time job $Part-time job $Part-time job Deposit Total cash receipts $fill in the blank fff178fab02dfb7_8 $fill in the blank fff178fab02dfb7_9 $fill in the blank fff178fab02dfb7_10 $fill in the blank fff178fab02dfb7_11 Less estimated cash payments for: $Season football tickets Additional entertainment $Additional entertainment $Additional entertainment $Additional entertainment Tuition Rent Rent Rent Rent Food Food Food Food Deposit Total cash payments $fill in the blank fff178fab02dfb7_33 $fill in the blank fff178fab02dfb7_34 $fill in the blank fff178fab02dfb7_35 $fill in the blank fff178fab02dfb7_36 Cash increase (decrease) $fill in the blank fff178fab02dfb7_37 $fill in the blank fff178fab02dfb7_38 $fill in the blank fff178fab02dfb7_39 $fill in the blank fff178fab02dfb7_40 Plus cash balance at beginning of month Plus cash balance at beginning of month Plus cash balance at beginning of month Plus cash balance at beginning of month Cash balance at end of month $fill in the blank fff178fab02dfb7_46 $fill in the blank fff178fab02dfb7_47 $fill in the blank fff178fab02dfb7_48 $fill in the blank fff178fab02dfb7_49 Feedback b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? c. What are the budget implications for Craig Kovar? Craig can see that his present plan sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $fill in the blank 4977e107b02dffd_3 at the end of December, with no time left to adjust. Comment : In part C. I keep putting $5760 but it keeps saying that I have the wrong answer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Personal Budget
At the beginning of the school year, Craig Kovar decided to prepare a
| Cash balance, 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 |
a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate
Cash Budget
For the Four Months Ending December 31
| September | October | November | December | |
| Estimated cash receipts from: | ||||
|
|
$Part-time job | $Part-time job | $Part-time job | $Part-time job |
|
|
Deposit | |||
| Total cash receipts | $fill in the blank fff178fab02dfb7_8 | $fill in the blank fff178fab02dfb7_9 | $fill in the blank fff178fab02dfb7_10 | $fill in the blank fff178fab02dfb7_11 |
| Less estimated cash payments for: | ||||
|
|
$Season football tickets | |||
|
|
Additional entertainment | $Additional entertainment | $Additional entertainment | $Additional entertainment |
|
|
Tuition | |||
|
|
Rent | Rent | Rent | Rent |
|
|
Food | Food | Food | Food |
|
|
Deposit | |||
| Total cash payments | $fill in the blank fff178fab02dfb7_33 | $fill in the blank fff178fab02dfb7_34 | $fill in the blank fff178fab02dfb7_35 | $fill in the blank fff178fab02dfb7_36 |
| Cash increase (decrease) | $fill in the blank fff178fab02dfb7_37 | $fill in the blank fff178fab02dfb7_38 | $fill in the blank fff178fab02dfb7_39 | $fill in the blank fff178fab02dfb7_40 |
|
|
Plus cash balance at beginning of month | Plus cash balance at beginning of month | Plus cash balance at beginning of month | Plus cash balance at beginning of month |
| Cash balance at end of month | $fill in the blank fff178fab02dfb7_46 | $fill in the blank fff178fab02dfb7_47 | $fill in the blank fff178fab02dfb7_48 | $fill in the blank fff178fab02dfb7_49 |
b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?
c. What are the budget implications for Craig Kovar?
Craig can see that his present plan
Comment : In part C. I keep putting $5760 but it keeps saying that I have the wrong answer.
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Personal Budget
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)
$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
a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments.
Craig Kovar
Cash Budget
For the Four Months Ending December 31
October
November
embe
Estimated cash receipts from:
Part-time job v
1,200
1,200
1,200
1,200
Deposit
600
Total cash receipts
1,200
1.200
1,200
1,800
Less estimated cash payments for:
Season football tickets
-160
Additional entertainment
-250
-250
-250
Tuition
-4,800
Rent
-600
-60
-600
-600
Food
-550
-550
-550
-550
Deposit
-600
Total cash payments
-6,960
-1,400
-1,400
-1,400
Cash increase (decrease)
-5,760
-200 V
-200
400
Plus cash balance at beginning of month
9,250
3,490 V
3,290
3,090
Cash balance at end of month
3,490 V
3,290 V
3,090 V
3,490V
Feedback
b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?
Static
c. What are the budget implications for Craig Kovar?
Craig can see that his present plan will not provide
-v sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $
5,760
short
v at the end of December, with no time left to adjust.
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