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Book/movie review
22/08/2022
5. Personal Budget
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:
Cash balance, September 1 (from a summer job)
$6,780
Purchase season football tickets in September
90
Additional entertainment for each month
240
Pay fall semester tuition in September
3,700
Pay rent at the beginning of each month
330
Pay for food each month
180
Pay apartment deposit on September 2 (to be returned December 15)
500
Part-time job earnings each month (net of taxes)
840
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.
Britney Logan
Cash Budget
For the Four Months Ending December 31, 2016
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
$
$
$
$
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. Brittany can see that her present plan sufficient cash. If Logan did not budget but went ahead with the original plan, she would be $ at the end of December, with no time left to adjust.
6. Flexible Budget for Selling and Administrative Expenses
Agent Blaze uses flexible budgets that are based on the following data:
Sales commissions
7% of sales
Advertising expense
19% of sales
Miscellaneous selling expense
$2,250 plus 4% of sales
Office salaries expense
$15,000 per month
Office supplies expense
5% of sales
Miscellaneous administrative expense
$1,600 per month plus 3% of sales
Prepare a flexible selling and administrative expenses budget for January 2016, for sales volumes of $100,000, $125,000, and $150,000. (Use Exhibit 5 as a model.) Enter all amounts as positive numbers.
Agent Blaze
Flexible Selling and Administrative Expenses Budget
For the Month Ending January 31, 2016
Total sales
$100,000
$125,000
$150,000
Variable cost:
Sales commissions
$
$
$
Advertising expense
Miscellaneous selling expense
Office supplies expense
Miscellaneous administrative expense
Total variable cost
$
$
$
Fixed cost:
Miscellaneous selling expense
$
$
$
Office salaries expense
Miscellaneous administrative expense
Total fixed cost
$
$
$
Total selling and administrative expenses
$
$
$
The writer is very fast, professional and responded to the review request fast also. Thank you.
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