Question: Chapter 22 Basic Homework eBook Show Me How Print Item Question Content Area Personal Budget At the beginning of the school year, Katherine Malloy decided
Chapter 22 Basic Homework
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Personal Budget
At the beginning of the school year, Katherine Malloy 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) | $7,690 |
| Purchase season football tickets in September | 100 |
| Additional entertainment for each month | 270 |
| Pay fall semester tuition in September | 4,200 |
| Pay rent at the beginning of each month | 370 |
| Pay for food each month | 210 |
| Pay apartment deposit on September 2 (to be returned December 15) | 500 |
| Part-time job earnings each month (net of taxes) | 950 |
Question Content Area
a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign.
| September | October | November | December | |
| Estimated cash receipts from: | ||||
| Part-time job | $fill in the blank 20818502201d03f_1 | $fill in the blank 20818502201d03f_2 | $fill in the blank 20818502201d03f_3 | $fill in the blank 20818502201d03f_4 |
| Deposit | fill in the blank 20818502201d03f_5 | |||
| Total cash receipts | $fill in the blank 20818502201d03f_6 | $fill in the blank 20818502201d03f_7 | $fill in the blank 20818502201d03f_8 | $fill in the blank 20818502201d03f_9 |
| Estimated cash payments for: | ||||
| Season football tickets | $fill in the blank 20818502201d03f_10 | |||
| Additional entertainment | fill in the blank 20818502201d03f_11 | $fill in the blank 20818502201d03f_12 | $fill in the blank 20818502201d03f_13 | $fill in the blank 20818502201d03f_14 |
| Tuition | fill in the blank 20818502201d03f_15 | |||
| Rent | fill in the blank 20818502201d03f_16 | fill in the blank 20818502201d03f_17 | fill in the blank 20818502201d03f_18 | fill in the blank 20818502201d03f_19 |
| Food | fill in the blank 20818502201d03f_20 | fill in the blank 20818502201d03f_21 | fill in the blank 20818502201d03f_22 | fill in the blank 20818502201d03f_23 |
| Deposit | fill in the blank 20818502201d03f_24 | |||
| Total cash payments | $fill in the blank 20818502201d03f_25 | $fill in the blank 20818502201d03f_26 | $fill in the blank 20818502201d03f_27 | $fill in the blank 20818502201d03f_28 |
| Overall cash increase (decrease) | $fill in the blank 20818502201d03f_29 | $fill in the blank 20818502201d03f_30 | $fill in the blank 20818502201d03f_31 | $fill in the blank 20818502201d03f_32 |
| Cash balance at beginning of month | fill in the blank 20818502201d03f_33 | fill in the blank 20818502201d03f_34 | fill in the blank 20818502201d03f_35 | fill in the blank 20818502201d03f_36 |
| Cash balance at end of month | $fill in the blank 20818502201d03f_37 | $fill in the blank 20818502201d03f_38 | $fill in the blank 20818502201d03f_39 | $fill in the blank 20818502201d03f_40 |
Question Content Area
b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?
StaticFlexible
c. Malloy can see that her present plan
will providewill not provide
sufficient cash. If Malloy did not budget but went ahead with the original plan, she would be $fill in the blank 75343206efff00e_3
overshort
at the end of December, with no time left to adjust.
Check My Work2 more Check My Work uses remaining.
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