It is May 28 and you have just gotten a summer job that will pay you (net of taxes) $800 per month. You start June 1 and will work until school starts - halfway through August. Your scholarship pays for tuition, room and board. But you must buy books, pay for transportation to and from school, and pay for clothing, any extra meals, entertainment, and so on. You have gathered the following data:
Right now, you have $200 in your checking account.
A. Prepare a cash budget for the summer and the first semester of college. (Do the entire time period; do not break it down by week or by month.)
Cash Budget | |
$ | |
$ | |
Less disbursements: | |
$ | |
Estimated ending balance | $ |
Cash Budget |
|
Opening balance in checking account |
200 $ |
Proceed from job ( June to mid august) |
2,000 $ |
Total(A) |
2,200 $ |
Less:- Disbursements |
|
Airline ticket |
260 $ |
Books |
500 $ |
Supplies |
150 $ |
Clothing |
100 $ |
Allowance for meals and entertainment |
800 $ |
Other Expenses |
330 $ |
Total(B) |
2,140 $ |
Estimated Ending balance |
60 $ |
It is May 28 and you have just gotten a summer job that will pay you...
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