Question: Please post so that half the answer isnt cut off! thank you! Personal Budget At the beginning of the school year, Katherine Malloy decided to


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) Purchase season football tickets in September Additional entertainment for each month $8,130 110 280 Pay fall semester tuition in September 4,400 Pay rent at the beginning of each month 390 Pay for food each month 220 Pay apartment deposit on September 2 (to be returned December 15) 600 Part-time job earnings each month (net of taxes) 1,010 a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive valu with a minus sign. except an overall cash decrease which should be indicated KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Part-time job 1,010 V 1.010 S 1,010 1.010 Deposit 600 Total cash receipts 1.010 1,010 1,010 1410 KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October 1,010 1,010 1,010 1.010 110 280 280 4.400 390 390 220 220 600 6,000 890 -4.990 120 8.130 -7,540 X -7.540 X -7.760 X Estimated cash receipts from: Part-time job Deposit Total cash receipts Estimated cash payments for: Season football tickets Additional entertainment Tuition Rent Food Deposit Total cash payments Overall cash increase (decrease) Cash balance at beginning of month Cash balance at end of month November 1,010 1,010 280 390 220 890 120 -7,660 X -7,780 X December 1,010 600 1,610 280 390 220 890 720 X -7.780 -8.500 X b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? Static c. Malloy can see that her present plan will not provide sufficient cash. If Malloy did not budget but went ahead with the original plan, she would be s X short at the end of December, with no time left to adjust
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