5. personal budget | Accounting homework help

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

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

\$

\$

\$

\$

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

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

\$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

\$

\$

\$

Miscellaneous   selling expense

Office supplies   expense

Total variable cost

\$

\$

\$

Fixed cost:

Miscellaneous   selling expense

\$

\$

\$

Office salaries   expense

Total fixed cost

\$

\$

\$

\$

\$

\$

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