Question

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: $8,610 120 Cash balance, September 1 (from a summer job) Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning of each month Pay for food each month Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 300 4,600 420 240 600 1,070 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. KATHERINE MALLOY Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from Part-time job Deposit Next > Check My Work 2 more Check My Work uses remaining.

Answer 1

19 -Cash Balance October November December September Estimated Cash Receipts I loro. 1020 1070 1070 part-time job Deposit 600 Total cash receipts loro (070 (070 (670 Estimated Cash payments for Season football tickets 120 Additional Entertainment 300 300 300 300 Tution 4600 Rent 420 420 20 420 hood Deposit 240 2५० 240 60o 6280 Total Cash payments 960 960 Overall cash Increase (decrease) (5210) no 110 סוך Cash balance at beginning of - month $8,610 $3400 $3510 3620 Cash balance at end & month 31 3400 3620 So 4330 Actual Cash at December end is $4,330 but required is 4600 shostage of 270 (4600_4880) So, to get that any expense need to be reduced as rent and food is fixed. Additional entertainment Scanned with for each month need to be reduced by 8625 each CamScanner [cs month.

season foot ball tickets in or any other expense September can be like reduced by st. These are are fined each Inputs static Hemble budgets as all amounts as there the is no change based on 8270 In-sufficient cash will not provide, sufficient cash. If malloy did nd budget but went ahead original plan, she coould be $270 short with the at the end of december, with no time left to adjust. Scanned with CamScanner