Question

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, utilities, and supplies last year were $50,000. Your annualeconomic costs are _________ and your annual economic profits are _________.a. $50,000; $0b. $50,000; $60,000c. $60,000; $50,000d. $110,000; -$10,000e. $110,000; $60,000

Answer 1

The correct answer is: $110,000,-$10,000