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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: $6,270 Cash balance, September 1 (from a summer job) Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning of each month Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) Line Item Description Estimated cash receipts from: Total cash receipts Less estimated cash payments for: 90 220 3,400 300 $C 170 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 31 400 780 September October November December

Persenal budges At the beginning of then school Year, Craig Kovar decided to prepare a cash budget for the months of Septembec, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester fultion, which is the same as the fall tuition. The following information reiates to the budget: a. Prepare a cash budget for September, October, November, and December, Use the minus sign to indicote cash outfows, a decrease in cash or cash poyments Part-time job earnings each month (net of taxes) 780 a. Prepare a caich budget for September, October, Novembef, and December, Use the minus sign to indicate cash outfiows, a decrease in cash or cash payments. b. Are the four monithly budgets that are presented prepared as static budpets or fleuble budgets? 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? Crolg can see that his present pli sufficient cash. If Craig did not budget but went ahead with the original plan, he would be s at the end ime left to adjust

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