Britney Logan Personal Budget

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:

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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

$

$

$

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