Question

Personal Budget At the beginning of the 2016 school year, Britney Logan decided to prepare a...

Personal Budget

At the beginning of the 2016 school year, Britney Logan 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) $7,530
Purchase season football tickets in September 100
Additional entertainment for each month 260
Pay fall semester tuition in September 4,100
Pay rent at the beginning of each month 360
Pay for food each month 200
Pay apartment deposit on September 2 (to be returned December 15) 500
Part-time job earnings each month (net of taxes) 930

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.

Britney Logan
Cash Budget
For the Four Months Ending December 31, 2016
September October November December
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 $ $ $ $
Cash increase (decrease) $ $ $ $
Cash balance at beginning of month
Cash balance at end of month $ $ $ $

b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?

c. Brittany can see that her present plan sufficient cash. If Logan did not budget but went ahead with the original plan, she would be $ at the end of December, with no time left to adjust.

Homework Answers

Answer #1

1-

Britney Logan

Cash Budget

For the Four Months Ending December 31, 2016

September

October

November

December

Estimated cash receipts from:

Part-time job

930

930

930

930

Deposit

0

500

Total cash receipts

930

930

930

1430

Estimated cash payments for:

Season football tickets

100

Additional entertainment

260

260

260

260

Tuition

4100

Rent

360

360

360

360

Food

200

200

200

200

Deposit

500

Total cash payments

5520

820

820

820

Cash increase (decrease)

-4590

110

110

610

Cash balance at beginning of month

7530

2940

3140

3250

Cash balance at end of month

2940

3140

3250

3860

2-

it is a static budget

3-

Shortage of funds

4100-3860

240

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Personal Budget At the beginning of the 2016 school year, Britney Logan decided to prepare a...
Personal Budget At the beginning of the 2016 school year, Britney Logan 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) $6,500 Purchase season football tickets in September 90 Additional entertainment for each month 230...
Personal Budget At the beginning of the school year, Priscilla Wescott decided to prepare a cash...
Personal Budget At the beginning of the school year, Priscilla Wescott 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) $8,370 Purchase season football tickets in September 110 Additional entertainment for each month 290 Pay...
Personal budget At the beginning of the school year, Craig Kovar decided to prepare a cash...
Personal budget 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) $8,750 Purchase season football tickets in September 170 Additional entertainment for each month 270 Pay...
Personal Budget At the beginning of the school year, Katherine Malloy decided to prepare a cash...
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) $7,070 Purchase season football tickets in September 100 Additional entertainment for each month 250 Pay...
At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for...
At the beginning of the school year, Priscilla Wescott 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) $8,560 Purchase season football tickets in September 120 Additional entertainment for each month 300 Pay fall semester...
At the beginning of the school year, Craig Kovar decided to prepare a cash budget for...
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) $8,400 Purchase season football tickets in September 200 Additional entertainment for each month 310 Pay fall semester...
Personal An accounting device used to plan and control resources of operational departments and divisions.Budget At...
Personal An accounting device used to plan and control resources of operational departments and divisions.Budget At the beginning of the school year, Katherine Malloy decided to prepare a A budget of estimated cash receipts and payments.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...
Sales and Production Budgets Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on...
Sales and Production Budgets Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget. Rumble Thunder Estimated inventory (units), June 1 278 77 Desired inventory (units), June 30 319 67 Expected sales volume (units): East Region 4,100 4,600 West Region 5,000 4,350 Unit sales price $115 $185 a. Prepare a sales budget. Sonic Inc. Sales Budget For the Month Ending...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $101,000 $126,000 $169,000 Manufacturing costs 42,000 54,000 61,000 Selling and administrative expenses 35,000 38,000 64,000 Capital expenditures _ _ 41,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget...
Cash Budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: September October November Sales $139,000 $167,000 $231,000 Manufacturing costs 58,000 72,000 83,000 Selling and administrative expenses 49,000 50,000 88,000 Capital expenditures _ _ 55,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...