Personal Budgel At the beginning of the schaal year, Priscilla Wescott dedded to
ID: 2558183 • Letter: P
Question
Personal Budgel At the beginning of the schaal year, Priscilla Wescott dedded to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash an December 31 to pay the spring semester tuition, which s the same as the fall tu tion. The following Informatlon relates to the budget: Cash balance, September 1 (from a summer job) Purchase season foatball tickets in September Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning af 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) n. 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. $8,410 110 290 4,500 410 230 1,040 Priscilla Wescott Cash Budget December 31 October For the Four Months E December Estimated cash receipts from: Part-time job 1.040 600 sl 1.610 | 1.040 1.040 Total cash receipts 1.010 v 1.040 | v' ? 1.040 | Less estimated cash payments for: Season football tickets Additional entertainment 290 290 290 290 4,500 Rent 410 410 Food 230 230 230 230 600 Total cash payments Cash increase (decrease) 5,100Explanation / Answer
Answer
September
October
November
December
Estimated cash receipts from:
part Time Job
1040
1040
1040
1040
Deposits
600
Total cash receipt
1040
1040
1040
1640
Less: Estimated cash payments:
Season football tickets
110
Additional entertainment
290
290
290
290
Tuition
4500
Rent
410
410
410
410
Food
230
230
230
230
Deposits
600
Total cash payments
6140
930
930
930
Cash increase (decrease)
-5100
110
110
710
PLUS: Cash balance at beginning of month
8410
3310
3420
3530
Cash Balance at the end of month
3310
3420
3530
4240
STATIC, already correctly answered.
Spring Semester tuition cost
$4500
Cash Available at the end of December
$4240
Shortfall
$260
Priscillla can see that her present plan WILL NOT PROVIDE sufficient cash. If Pricilla did not budget but went ahead with the original plan, she would be $260 SHORT at the end of DECEMBER.
September
October
November
December
Estimated cash receipts from:
part Time Job
1040
1040
1040
1040
Deposits
600
Total cash receipt
1040
1040
1040
1640
Less: Estimated cash payments:
Season football tickets
110
Additional entertainment
290
290
290
290
Tuition
4500
Rent
410
410
410
410
Food
230
230
230
230
Deposits
600
Total cash payments
6140
930
930
930
Cash increase (decrease)
-5100
110
110
710
PLUS: Cash balance at beginning of month
8410
3310
3420
3530
Cash Balance at the end of month
3310
3420
3530
4240
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