Question

Upon graduating with an accounting degree, you open your own accounting firm of which you and your assistant are the only employees. 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 $130,000. Rent and supplies last year were $40,000. Your assistant's salary is $35,000 annually.
1) What are your annual economic costs?
2) What is your annual economic profit?
3) What is your annual operating profit

Answer 1

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