Business, 05.08.2020 17:01 AdoNice

Cash balance, September 1 (from a summer job) $7,560 Purchase season football tickets in September 100
Additional entertainment for each month 260
Pay fall semester tuition in September 4,100
Pay rent at the beginning of each month 370
Pay for food each month 210
Pay apartment deposit on September 2 (to be returned December 15) 500
Part-time job earnings each month (net of taxes) 940

Personal Budget:
At the beginning of the 2016 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:

Required:
Prepare a cash budget for September, October, November, and December.

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Answer from: shadoris26

Katherine Malloy

Personal Cash Budget for September, October, November, and December:

September October November December

Balance $7,560 $2,960 $3,060 $3,160

Apartment deposit return 500

Earnings (net of taxes) 940 940 940 940

Borrowing 340

Total Cash Receipts $8,500 $3,900 $4,000 $4,940

Season football tickets 100

Additional entertainment 260 260 260 260

Semester Tuition 4,100 4,100

Rent 370 370 370 370

Food 210 210 210 210

Apartment deposit 500

Total cash payment $5,540 $840 $840 $4,940

Balance $2,960 $3,060 $3,160 $0

Explanation:

Katherine Malloy's cash budgets for the months of September, October, November, and December give some snapshots of her cash receipts and payments, including the planned borrowing of no less than $340 that she must arrange in December in order to pay for her spring semester tuition on December 31. From the budget, she gets a clearer picture of her cash needs, receipts and expenses. She is comfortable from September till the end of the year. But, Katherine must arrange for some cash receipts, either in student loan or support or get another part-time work to increase her income, to enable settle her tuition in December.

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Cash balance, September 1 (from a summer job) $7,560 Purchase season football tickets in September...

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