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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Part a b and c

Transcribed Image Text: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)
$5,750
Purchase season football tickets in September
210
Additional entertainment for each month
275
Pay fall semester tuition in September
3,700
Pay rent at the beginning of each month
600
Pay for food each month
235
Pay apartment deposit on September 2 (to be returned December 15)
500
Part-time job earnings each month (net of taxes)
1,400
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
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
b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?
at the end of December, with no time left to adjust.
c. Malloy can see that her present plan
sufficient cash. If Malloy did not budget but went ahead with the original plan, she would be $
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