SCENARIO 7.3: Upon graduating with an accounting degree, you open your own accounting firm of which you are the sole employee. To start the firm you passed on a job offer with a large accounting firm that offered you a salary of $60,000 annually. Last year you earned a total revenue of $100,000. Rent and supplies last year were $50,000. Refer to Scenario 7.3. Your annual operating profit isGroup of answer choices-$10,000.$40,000.$50,000.$100,000.

Mike quits his doctor job in a public hospital, where he was earning a salary of $100,000 per year, to start his own private clinic in a building that he owns and was previously renting out for $24,000 per year. In his first year of business, he has the following expenses: Operating expenses, $80,000; rent, $0; wages paid to other staff, $50,000. Find the accounting cost and the economic cost associated with Mike’s business

If assets at the end of the year are $245,000, liabilities at year end are $80,000, opening balance of owners' equity is $120,000, and revenue for the year is $165,000, expenses must be:

What is normal profit and in what way is economic profit different from accounting profit?

Financial information is presented below:Operating expenses             $ 90,000Sales returns and allowances     26,000Sales discount                           12,000Sales revenue                         300,000Costs of sales                          154,000The amount of gross profit on the income statement would be:Group of answer choices$146,000.$152,000.$108,000.$120,000.

Operating expenses $ 45,000 Sales returns and allowances 13,000 Sales discount 6,000 Sales revenue 150,000 Costs of sales 77,000 The amount of net sales on the income statement would be: