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Prepare a cash budget for september

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Reference no: EM133100529

Question - 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) $7,210

Purchase season football tickets in September 100

Additional entertainment for each month 250

Pay fall semester tuition in September 3,900

Pay rent at the beginning of each month 350

Pay for food each month 200

Pay apartment deposit on September 2 (to be returned December 15) 500

Part-time job earnings each month (net of taxes) 890

Required -

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.

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?

Reference no: EM133100529

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