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What the cumulative surplus is

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Problem 1: Snow Mountain Resort had a beginning cash balance of $9,720 for the quarter. During the quarter, the firm had cash collections of $157,311, wages and other cash expenses of $67,900, payments on account of $57,412, and dividends paid of $2,500. The minimum cash balance was just set at $1,200. The beginning short-term debt is $28,000 with a quarterly interest rate of 1.4 percent. At quarter end, the cumulative surplus (deficit) is _____ and the ending short-term debt is ________.

Multiple Choice

Option 1: $1,892; $0
Option 2: $9,627; $0
Option 3: $0; $0
Option 4: $0; $9,627
Option 5: $0; $1,892

Reference no: EM132746397

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