Question: Chapter 22 Budgeting 1101 EX 22-1 Personal budget OBJ. 2,5 At the beginning of the school year, Katherine Malloy decided to prepare a cash budget

Chapter 22 Budgeting 1101 EX 22-1 Personal budget OBJ. 2,5 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) $5,750 Purchase season football tickets in September 210 Additional entertainment for each month.. 275 Pay fall semester tuition in September.. 3,700 Pay rent at the beginning of each month 600 Pay for food each month..... 235 Pay apartment deposit on September 2 (to be returned December 15). Part-time job earnings each month (net of taxes). 1,400 a. Prepare a cash budget for September October, November, and December b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? What are the budget implications for Katherine Malloy? 500 c

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