Paul is a college student who has the following financial information. He would
ID: 2637758 • Letter: P
Question
Paul is a college student who has the following financial information. He would like your help in figuring his surplus for last year.
?What is pauls surplus?
Income from summer job
$5,000
Support from parents
$3,500
Scholarship
$1,200
Savings account balance
$1,250
Variable expenses
$3,500
Fixed expenses
$4,000
Current liabilities
$800
Income from summer job
$5,000
Support from parents
$3,500
Scholarship
$1,200
Savings account balance
$1,250
Variable expenses
$3,500
Fixed expenses
$4,000
Current liabilities
$800
Explanation / Answer
Suplus= $ 9700- $ 7500= $ 2200
Saving account balance & Current liablities are part of balance sheet, hence not considered in arriving at Surplus
Income $ Expenses $ Income from summer job 5000 Variable expenses 3500 Support from parents 3500 Fixed expenses 4000 Scholarship 1200 Total 9700 7500