Module 6 Deliverable: Personal Budget At The Beginning Of Th

Question

Module 6 Deliverablepersonal Budgetat The Beginning Of The School Year Module 6 Deliverable Personal budget At the beginning of the school year, Joe Student 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: DATA Cash balance, September 1 (from a summer job) $8,700 Purchase season football tickets in September 170 Additional entertainment for each month 270 Pay fall semester tuition in September 4,500 Pay rent at the beginning of each month 650 Pay for food each month 600 Pay apartment deposit on September 2 (to be returned December) Part-time job earnings each month (net of taxes) 1,300 Prepare the cash budget for the quarter of the year. Joe Student Cash Budget For the Four Months Ending December 31 September October November December a. Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Total cash payments Cash increase (decrease) Beginning Cash balance Cash balance at end of month c. Budget surplus/shortage at the end of December Provide a word statement as to whether Joe will have enough money at the end of December to cover the spring semester's tuition. Include figures and shortage/overage amounts. 2 Flexible budget for selling and administrative expenses for a service company Tax Services Inc. (a fictitious company) uses flexible budgets that are based on the following data: DATA Sales commissions 6% of sales Advertising expense 16% of sales Miscellaneous administrative expense $8,500 per month plus 4% of sales Office salaries expense $54,000 per month Customer support expenses $17,000 per month plus 27% of sales Research and development expense $73,000 per month Select the corresponding accounts. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in

Dr. Jack HW Helper · Accepted Answer

Module 6 Deliverablepersonal Budgetat The Beginning Of The School Year Module 6 Deliverable Personal budget At the beginning of the school year, Joe Student 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: DATA Cash balance, September 1 (from a summer job) $8,700 Purchase season football tickets in September 170 Additional entertainment for each month 270 Pay fall semester tuition in September 4,500 Pay rent at the beginning of each month 650 Pay for food each month 600 Pay apartment deposit on September 2 (to be returned December) Part-time job earnings each month (net of taxes) 1,300 Prepare the cash budget for the quarter of the year. Joe Student Cash Budget For the Four Months Ending December 31 September October November December a. Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Total cash payments Cash increase (decrease) Beginning Cash balance Cash balance at end of month c. Budget surplus/shortage at the end of December Provide a word statement as to whether Joe will have enough money at the end of December to cover the spring semester's tuition. Include figures and shortage/overage amounts. 2 Flexible budget for selling and administrative expenses for a service company Tax Services Inc. (a fictitious company) uses flexible budgets that are based on the following data: DATA Sales commissions 6% of sales Advertising expense 16% of sales Miscellaneous administrative expense $8,500 per month plus 4% of sales Office salaries expense $54,000 per month Customer support expenses $17,000 per month plus 27% of sales Research and development expense $73,000 per month Select the corresponding accounts. Using formulas and cell references, perform the required analysis, and input your answers into the green cells in

Module 6 Deliverablepersonal Budgetat The Beginning Of The School Year

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