Question: Manish is a student who began working part-time as a restaurant waiter in October of 2016. He earned the following tips in 2016, with each

Manish is a student who began working part-time as a restaurant waiter in October of 2016. He earned the following tips in 2016, with each month's tips reported in a schedule submitted to the restaurant's management by the tenth of the following month:
October $400
November 215
December 150
In addition, Manish received a scholarship in 2016 which provided $5,000 for tuition, $5,000 for room and board, $1,000 for travel to study abroad, and $1,000 for books.
What total amount from the above should be included in Manish's 2016 gross income?
a. $5,765
b. $5,615
c. $6,615
d. $6,765

Step by Step Solution

3.41 Rating (151 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

1310-B-C-F-F-P-M(2674).docx

120 KBs Word File

Students Have Also Explored These Related Corporate Finance Questions!