At the beginning of the 2016 school year, Britney Logan decided to prepare a cas
ID: 2467608 • Letter: A
Question
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:
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.
Cash balance, September 1 (from a summer job) $6,300 Purchase season football tickets in September 90 Additional entertainment for each month 220 Pay fall semester tuition in September 3,400 Pay rent at the beginning of each month 300 Pay for food each month 170 Pay apartment deposit on September 2 (to be returned December 15) 400 Part-time job earnings each month (net of taxes) 780Explanation / Answer
Britney Logan Cash Budget For the four Months Ending December 31st ,2016 September October November December Estimated Cash Recipt from Part time Job $ 780.00 $ 780.00 $ 780.00 $ 780.00 Deposits $ 400.00 Total Cash Receipts Estimated Cash Payment for: Season football ticket $ 90.00 Additional Entertainment $ 220.00 $ 220.00 $ 220.00 $ 220.00 Tuition $ 3,400.00 Rent $ 300.00 $ 300.00 $ 300.00 $ 300.00 Food $ 170.00 $ 170.00 $ 170.00 $ 170.00 Deposit $ 400.00 Total Cash Payment $ 4,580.00 $ 690.00 $ 690.00 $ 690.00 Cash Increase(Decrease) $ (3,800.00) $ 90.00 $ 90.00 $ 90.00 Cash Balance at beginning of the month $ 6,300.00 $ 2,500.00 $ 2,590.00 $ 2,680.00 Cash balnce at the end of the month $ 2,500.00 $ 2,590.00 $ 2,680.00 $ 2,770.00
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