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In this chapter, you learned about the benents of budgeting for a business. It is also important for individuals, especially students. Kevin is an accounting major. Kevin's estimate of expenses for the next eight-month academic year (September to May) are given in the chart below. Kevin receives $915 per month from family members, Annually. Kevin gets a total of $854 from a part-time job and $1,464 from a bursary. Tuition and fees $7.564 Books and supplies $1,830 Residence and food 11,224 Internet connection 360 Local travel (included with student fees) 0 Travel home 488 Clothing 488 Personal sundries 683 Entertainment and going out 517 Misc 512(21) Prepare a budget for Kevin. and calculate the shortfall. Budget for Kevin Shortfall Books and supplies Tuition and fees Entertainment and miscellaneous Part-time job Total cash outflows Travel home Internet connection Cash outflows Bureary Family support Cash Inflows Total cash Inflows Residence and food Clothing and personal sundries Surplus $Prepare a budget for Kevin. and calculate the shortfall. Budget for Kevin Add Less