assignment-take&inprogress; false At the beginning of the school year, Priscilla

Question

assignment-take&inprogress; false At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of December. The budget must plan for enough cash on December 31 to pay the spring semester tuition following information relates to the budget: Cash balance, September 1 (from a summer job) September, October, November, and , which is the same as the fall tuition. The 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) $7,650 100 270 4,100 370 210 950 C)a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Priscilla Wescott Cash Budget For the Four Months Ending December 31 Part-time job Total cash receipts 11:02 PM 7/25/2018

Explanation / Answer

c. she would be $250 short at the end of December, with no time left to adjust.

($4100 - $3850) = $250

Priscilla Wescot Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Part-time job 950 950 950 950 Deposit 500 Total cash receipts 950 950 950 1450 Less estimated cash payments for: Season football tickets 100 Additional entertainment 270 270 270 270 Tuition 4100 Rent 370 370 370 370 Food 210 210 210 210 Deposit 500 Total cash payments 5550 850 850 850 Cash increase (decrease) -4600 100 100 600 Plus cash balance at beginning of month 7650 3050 3150 3250 Cash balance at end of month 3050 3150 3250 3850

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