eBook Personal budget Show Me At the beginning of the school year, Craig Kovar decided to...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
eBook Personal budget Show Me 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) $7,000 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 100 240 3,800 340 190 Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 500 870 < 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 Line Item Description September October November December Estimated cash receipts from: Part-time job 870 870 870 870 Deposit 500 Total cash receipts 870 $ 870 870 1,370 V Less estimated cash payments for: Season football tickets -100 Additional entertainment -240 -240 -240 $ -240 Tuition Rent -3,800 -340 -340 -340 -340 Food -190 -190 -190 -190 Deposit -500 Total cash payments -5,170 $ -770 -770 $ -770 Cash increase (decrease) -4,300 100 $ 100 600 Plus cash balance at beginning of month 7,000 X Cash balance at end of month 2,700 $ eBook Personal budget Show Me 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) $7,000 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 100 240 3,800 340 190 Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 500 870 < 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 Line Item Description September October November December Estimated cash receipts from: Part-time job 870 870 870 870 Deposit 500 Total cash receipts 870 $ 870 870 1,370 V Less estimated cash payments for: Season football tickets -100 Additional entertainment -240 -240 -240 $ -240 Tuition Rent -3,800 -340 -340 -340 -340 Food -190 -190 -190 -190 Deposit -500 Total cash payments -5,170 $ -770 -770 $ -770 Cash increase (decrease) -4,300 100 $ 100 600 Plus cash balance at beginning of month 7,000 X Cash balance at end of month 2,700 $
Expert Answer:
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
Posted Date:
Students also viewed these accounting questions
-
Homework 4 1. If a firm has a payout ratio of 65% and a ROE on projects of 11%, what is the growth rate for the firm? 2. Assume a firm has a cost of capital of 13%, and their future projects have an...
-
**Accounting's Crucial Role in the International Market" In the globalized business landscape, accounting plays a pivotal role in facilitating transparency, reliability, and comparability of...
-
Forage Forest Inc acquired 80% of the equity share capital of Field Dream Co (FDC) on 1 September 20X6. On 1 September 20X9, FDC had 500,000 $1 equity shares in issue and retained earnings were...
-
The roller coaster in Figure P6.36 starts with a velocity of 15 m/s. One of the riders is a small girl of mass 30 kg. Find her apparent weight when the roller coaster is at locations B and C. At...
-
Suppose that two boys named Davis, three boys named Jones, and four boys named Smith are seated at random in a row containing nine seats. What is the probability that the Davis boys will occupy the...
-
Scruffy Murphy is the president and principal stockholder of Scruffy's Bar & Grill, Inc To expand, the business is applying for a $350,000 bank loan. To get the loan, Murphy is considering two...
-
Here is the letter written by Sherron Watkins, CPA. Is she a whistleblower? Did she commit a discreditable act under AICPA Rule 501? Dear Mr. Lay, Has Enron become a risky place to work? For those of...
-
Elina Siljander owns Elinas Stained Glass in Helsinki, Finland. The business produces and sells three different types of stained glass windows: small, medium, and large. Elina has two full-time...
-
Find the volume of the solid. 4 yd 3 yd 6 yd 8 yd 0 yd 2 yd 3 yd 10 yd
-
Schedule of Activity Costs Quality Control Activities Activity Cost Product testing $55,000 Assessing vendor quality 26,000 Recalls Rework 18,000 29,000 Scrap disposal 8,000 Product design 30,000...
-
The most important area where cost accounting can help an organization is in : 1. Budgeting 2. Efficiency 3. Profit Why and how? Examples for Burger restaurant
-
what is harvey Norman's systematic risk using the monthly returns? you may use the ASX all index as the proxy of the market portfolio. what is harvey Norman's systematic risk using the ASX200 index...
-
Describe the advantage and disadvantage of owning stock. As a shareholder how many votes are you entitled to? Define primary and secondary markets. Explain an IPO. How do entrepreneurs acquire...
-
Do some research on both CSMA/CD and CSMA/CA. Explain how they function and how they both operate in the real world. Provide two examples of CSMA/CD and CSMA/CA.
-
What a company is worth from its financial statements? Why or why not? When are the value of assets on a company's balance sheet shown at their true value and when aren't they? What factors do you...
-
Which public-key cryptographic algorithm is used to sign transactions in Ethereum? Why does Ethereum choose this public-key crypto algorithm rather than the other public-key algorithms? What security...
-
Ex. (17): the vector field F = x i-zj + yz k is defined over the volume of the cuboid given by 0x a,0 y b, 0zc, enclosing the surface S. Evaluate the surface integral ff, F. ds?
-
Use this website to review the outline of the Bank of Japans objectives. Summarize the mission of the Bank of Japan. How does this mission relate to intervening in the foreign exchange market?
-
As MADD executive director Chuck Hurley describes it, Before the 1980s, drunk driving was how people got home. It was normal behavior. In May of that year, Candy Lightner's 13-year-old daughter was...
-
In the early 1990s, most programs that were working to alleviate homelessness in American cities followed a similar model. Homeless men and women could visit shelters, but could not obtain permanent...
Study smarter with the SolutionInn App