Homework Help is Here – Start Your Trial Now!
Business
Accounting
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) $7,180 Purchase season football tickets in September 100 Additional entertainment for each month 250 Pay fall semester tuition in September 3,900 Pay rent at the beginning of each month 350 Pay for food each month 200 Pay apartment deposit on September 2 (to be returned December 15) 500 Part-time job earnings each month (net of taxes) 890 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. b.  Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? 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 $____________ ____________ at the end of December, with no time left to adjust.

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) $7,180 Purchase season football tickets in September 100 Additional entertainment for each month 250 Pay fall semester tuition in September 3,900 Pay rent at the beginning of each month 350 Pay for food each month 200 Pay apartment deposit on September 2 (to be returned December 15) 500 Part-time job earnings each month (net of taxes) 890 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. b.  Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? 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 $____________ ____________ at the end of December, with no time left to adjust.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter13: Budgeting And Standard Costs
Section: Chapter Questions
Problem 14CDQ
See similar textbooks
icon
Related questions
Question

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) $7,180
Purchase season football tickets in September 100
Additional entertainment for each month 250
Pay fall semester tuition in September 3,900
Pay rent at the beginning of each month 350
Pay for food each month 200
Pay apartment deposit on September 2 (to be returned December 15) 500
Part-time job earnings each month (net of taxes) 890

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.

b.  Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?

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 $____________

____________ at the end of December, with no time left to adjust.

 
 
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? 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 $ at the end of December, with no time left to adjust.
Transcribed Image Text: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? 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 $ at the end of December, with no time left to adjust.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS