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) $8,860 Purchase season football tickets in September 120 Additional entertainment for each month 310 Pay fall semester tuition in September 4,800 Pay rent at the beginning of each month 430 Pay for food each month 240 Pay apartment deposit on September 2 (to be returned December 15) 600 Part-time job earnings each month (net of taxes) 1,100 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  $fill in the blank 504d80fed020fd5_2 $fill in the blank 504d80fed020fd5_3 $fill in the blank 504d80fed020fd5_4 $fill in the blank 504d80fed020fd5_5         fill in the blank 504d80fed020fd5_7 Total cash receipts $fill in the blank 504d80fed020fd5_8 $fill in the blank 504d80fed020fd5_9 $fill in the blank 504d80fed020fd5_10 $fill in the blank 504d80fed020fd5_11 Less estimated cash payments for:           $fill in the blank 504d80fed020fd5_13         fill in the blank 504d80fed020fd5_15 $fill in the blank 504d80fed020fd5_16 $fill in the blank 504d80fed020fd5_17 $fill in the blank 504d80fed020fd5_18   fill in the blank 504d80fed020fd5_20         fill in the blank 504d80fed020fd5_22 fill in the blank 504d80fed020fd5_23 fill in the blank 504d80fed020fd5_24 fill in the blank 504d80fed020fd5_25   fill in the blank 504d80fed020fd5_27 fill in the blank 504d80fed020fd5_28 fill in the blank 504d80fed020fd5_29 fill in the blank 504d80fed020fd5_30   fill in the blank 504d80fed020fd5_32       Total cash payments $fill in the blank 504d80fed020fd5_33 $fill in the blank 504d80fed020fd5_34 $fill in the blank 504d80fed020fd5_35 $fill in the blank 504d80fed020fd5_36 Cash increase (decrease) $fill in the blank 504d80fed020fd5_37 $fill in the blank 504d80fed020fd5_38 $fill in the blank 504d80fed020fd5_39 $fill in the blank 504d80fed020fd5_40   fill in the blank 504d80fed020fd5_42 fill in the blank 504d80fed020fd5_43 fill in the blank 504d80fed020fd5_44 fill in the blank 504d80fed020fd5_45 Cash balance at end of month $fill in the blank 504d80fed020fd5_46 $fill in the blank 504d80fed020fd5_47 $fill in the blank 504d80fed020fd5_48 $fill in the blank 504d80fed020fd5_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   sufficient cash. If Craig did not budget but went ahead with the original plan, he would be $fill in the blank 68e3a2fd2072024_3   at the end of December, with no time left to adjust.

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Master Budget

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Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.