{"id":69496,"date":"2022-06-07T15:12:34","date_gmt":"2022-06-07T15:12:34","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/5-personal-budget-accounting-homework-help\/"},"modified":"2022-06-07T15:12:34","modified_gmt":"2022-06-07T15:12:34","slug":"5-personal-budget-accounting-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/5-personal-budget-accounting-homework-help\/","title":{"rendered":"5. personal budget | Accounting homework help"},"content":{"rendered":"
\n

\u00a0\u00a0<\/p>\n

5. Personal Budget<\/p>\n

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:<\/p>\n

\u00a0\u00a0<\/p>\n

Cash balance, September 1 (from a summer job)<\/p>\n

$6,780<\/p>\n

\u00a0<\/p>\n

Purchase season football tickets in September<\/p>\n

90<\/p>\n

\u00a0<\/p>\n

Additional entertainment for each month<\/p>\n

240<\/p>\n

\u00a0<\/p>\n

Pay fall semester tuition in September<\/p>\n

3,700<\/p>\n

\u00a0<\/p>\n

Pay rent at the beginning of each month<\/p>\n

330<\/p>\n

\u00a0<\/p>\n

Pay for food each month<\/p>\n

180<\/p>\n

\u00a0<\/p>\n

Pay apartment deposit on September 2 (to be returned December \u00a0\u00a015)<\/p>\n

500<\/p>\n

\u00a0<\/p>\n

Part-time job earnings each month (net of taxes)<\/p>\n

840<\/p>\n

a. \u00a0<\/strong>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.<\/p>\n

\u00a0\u00a0<\/p>\n

Britney \u00a0\u00a0Logan<\/p>\n

\u00a0<\/p>\n

Cash \u00a0\u00a0Budget<\/p>\n

\u00a0<\/p>\n

For \u00a0\u00a0the Four Months Ending December 31, 2016<\/p>\n

\u00a0\u00a0<\/p>\n

September<\/p>\n

October<\/p>\n

November<\/p>\n

December<\/p>\n

\u00a0<\/p>\n

Estimated cash receipts from:<\/p>\n

\u00a0<\/p>\n

Part-time job<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Deposit<\/p>\n

\u00a0<\/p>\n

Total cash receipts<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Estimated cash payments for:<\/p>\n

\u00a0<\/p>\n

Season football tickets<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Additional entertainment<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Tuition<\/p>\n

\u00a0<\/p>\n

Rent<\/p>\n

\u00a0<\/p>\n

Food<\/p>\n

\u00a0<\/p>\n

Deposit<\/p>\n

\u00a0<\/p>\n

Total cash payments<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Cash increase (decrease)<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Cash balance at beginning of month<\/p>\n

\u00a0<\/p>\n

Cash balance at end of month<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

b. \u00a0<\/strong>Are the four monthly budgets that are presented prepared as static budgets or flexible budgets?
c. \u00a0<\/strong>Brittany can see that her present plan \u00a0\u00a0sufficient cash. If Logan did not budget but went ahead with the original plan, she would be $ \u00a0\u00a0at the end of December, with no time left to adjust.<\/p>\n

6. Flexible Budget for Selling and Administrative Expenses<\/p>\n

Agent Blaze uses flexible budgets that are based on the following data:<\/p>\n

\u00a0\u00a0<\/p>\n

Sales commissions<\/p>\n

7% of sales<\/p>\n

\u00a0<\/p>\n

Advertising expense<\/p>\n

19% of sales<\/p>\n

\u00a0<\/p>\n

Miscellaneous selling expense<\/p>\n

$2,250 plus 4% of sales<\/p>\n

\u00a0<\/p>\n

Office salaries expense<\/p>\n

$15,000 per month<\/p>\n

\u00a0<\/p>\n

Office supplies expense<\/p>\n

5% of sales<\/p>\n

\u00a0<\/p>\n

Miscellaneous administrative expense<\/p>\n

$1,600 per month plus 3% of sales<\/p>\n

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<\/a> as a model.) Enter all amounts as positive numbers.<\/p>\n

\u00a0\u00a0<\/p>\n

Agent Blaze<\/p>\n

\u00a0<\/p>\n

Flexible Selling and Administrative Expenses Budget<\/p>\n

\u00a0<\/p>\n

For the Month Ending January 31, 2016<\/p>\n

\u00a0<\/p>\n

Total sales<\/p>\n

$100,000<\/p>\n

$125,000<\/p>\n

$150,000<\/p>\n

\u00a0<\/p>\n

Variable cost:<\/p>\n

\u00a0<\/p>\n

Sales commissions<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Advertising expense<\/p>\n

\u00a0<\/p>\n

Miscellaneous \u00a0\u00a0selling expense<\/p>\n

\u00a0<\/p>\n

Office supplies \u00a0\u00a0expense<\/p>\n

\u00a0<\/p>\n

Miscellaneous \u00a0\u00a0administrative expense<\/p>\n

\u00a0<\/p>\n

Total variable cost<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Fixed cost:<\/p>\n

\u00a0<\/p>\n

Miscellaneous \u00a0\u00a0selling expense<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Office salaries \u00a0\u00a0expense<\/p>\n

\u00a0<\/p>\n

Miscellaneous \u00a0\u00a0administrative expense<\/p>\n

\u00a0<\/p>\n

Total fixed cost<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n

\u00a0<\/p>\n

Total selling and \u00a0\u00a0administrative expenses<\/p>\n

$<\/p>\n

$<\/p>\n

$<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-69496","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/69496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=69496"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/69496\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=69496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=69496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=69496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}