Personal An accounting device used to plan and control resources of operational departments and divisions.Budget At...

Question:

1. Personal An accounting device used to plan and control resources of operational departments and divisions.Budget

At the beginning of the school year, Priscilla Wescott decided to prepare a A budget of estimated cash receipts and payments.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) $6,950 Purchase season football tickets in September 90 Additional entertainment for each month 240 Pay fall semester tuition in September 3,800 Pay rent at the beginning of each month 340 Pay for food each month 190 Pay apartment deposit on September 2 (to be returned December 15) 500 Part-time job earnings each month (net of taxes) 860 a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign.  Priscilla Wescott Cash Budget For the Four Months Ending December 31 September October November December Estimated cash receipts from: Part-time job Additional entertainment Food Part-time job Rent Tuition$  $Deposit Additional entertainment Deposit Food Rent Tuition Total cash receipts$  $Less estimated cash payments for: Season football tickets Cash Insurance Movie tickets Part-time job Season football tickets$ Additional entertainment Additional entertainment Cash Insurance Movie tickets Part-time job  $Tuition Cash Insurance Movie tickets Part-time job Tuition Rent Cash Insurance Movie tickets Part-time job Rent Food Cash Food Insurance Movie tickets Part-time job Deposit Deposit Insurance Movie tickets Part-time job Prepaid rent Total cash payments$  $Cash increase (decrease)$  $Plus cash balance at beginning of month Less cash balance at beginning of month Plus cash balance at beginning of month Cash balance at end of month$  $Feedback Sometimes an item may be a decrease in one period and an increase in a different period. Review the definitions of static budgets and flexible budgets. What weaknesses are shown by this cash budget? Learning Objective 2 and Learning Objective 5. b. Are the four monthly budgets that are presented prepared as A budget that does not adjust to changes in activity levels.static budgets or A budget that adjusts for varying rates of activity.flexible budgets? Static • Static • Flexible c. What are the budget implications for Priscilla Wescott? Priscilla can see that her present plan will not provide • will provide • will not provide sufficient cash. If Priscilla did not budget but went ahead with the original plan, she would be$ short
• over
• short
at the end of December, with no time left to adjust.

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Sometimes an item may be a decrease in one period and an increase in a different period.

Review the definitions of static budgets and flexible budgets.

What weaknesses are shown by this cash budget?

Learning Objective 2 and Learning Objective 5.

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