1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lutik1710 [3]
2 years ago
15

Assume you gave up a $60,000 per year job at an accounting firm to start your own tax preparation business. To simplify, assume

your tax personal obligations are the same whether you run your own firm or work for another firm. If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your accounting profit
Business
1 answer:
Rasek [7]2 years ago
3 0

Answer:

Accounting profit= $70,000

Explanation:

Giving the following information:

If your revenue during the first year of business is $75,000, and you incurred $5,000 in expenses for equipment and supplies, how much is your accounting profit

<u>The accounting profit does not include the opportunity cost of leaving the accounting job. In this case, the accounting profit is:</u>

Accounting profit= revenue - costs

Accounting profit= 75,000 - 5,000

Accounting profit= $70,000

You might be interested in
1. In each of the following situations, identify which of the twelve principles is at work
aleksklad [387]

Answer:

a. The true cost of something in its cost of opportunity

Explanation:

Opportunity cost is the cost which is defined as the cost or expense of one item which is lost in order to get the opportunity to do or to consume something else. In simple words, it is the value or the cost of the next best available alternative.

So, when the person select to bought the textbooks through Chegg instead paying the higher price for the same books through the bookstore. Under this situation, the principle applies is the cost of something in its opportunity cost.

8 0
2 years ago
If Sue, owner of Camp Bow Wow in Boulder, Colorado, says Heidi Granahl, CEO and founder of Camp Bow Wow, is a leader who establi
sashaice [31]

Answer:

the correct answer to this question is the "Country Club Leadership Style". However, what you should remember is that you might come across different names for this such as "Laizes Faire Leadership", etc...

Explanation:

In this style of leadership, the main assumption is that wen the employee are happy, they will naturally work better for the company. However, lack of regulation and guidance may end up with a not-so-well disciplined work force and usually this style does not work with every type of employees.

Moreover, this style focuses more on creating a safe working environment with minimal conflict.

6 0
2 years ago
Your family owns a small construction company, CopperBuild, that builds custom homes for an upscale architectural firm. Your two
beks73 [17]

Answer:

All the statements apply

Explanation:

1. Avoid mere mechanical descriptions.

This statement applies because it is an architectural proposal, thus, it should include aesthetic descriptions.

2. Emphasize the benefits to the recipient.

The proposal should include the ways CopperBuild would benefit the investors of the shopping center, from an architectural, and financial point of view.

3. Detail your expertise and accomplishments.

CopperBuild should add a few pages highlighting the firm's past experience, this in order to obtain more credibility.

4. Proposals are sales presentations.

This is a good analogy because what CopperBuild is doing by means of the proposal is selling "itself" (its experience, credibility, prestige) to the investors in order to get the contract.

7 0
3 years ago
Hey people i have nothing to sy so yeah HI
stira [4]

Answer: hi

Explanation:

6 0
2 years ago
Read 2 more answers
Which choice BEST describes what might happen to unemployment rates, if minimum wage laws were repealed?
Ivenika [448]

Answer:

the short term, unemployment rates would drop drastically.

8 0
2 years ago
Read 2 more answers
Other questions:
  • Consider a household consisting of four college friends. The friends have made a commitment to live together for the next five y
    11·1 answer
  • The unauthorized manufacture of any controlled substance, its distribution by sale or possession of such substance with intent t
    10·1 answer
  • Ceradyne, Inc. has decided to discontinue manufacturing its Quantum model credit card reader. Currently the company has a number
    5·1 answer
  • As a Certified Management Accountant, Grace is bound by the standards of ethical conduct issued by the Institute of Management A
    6·1 answer
  • In developing a measure of "need for cognition" (the degree to which people like thinking and problem-solving), Dr. Jonason asks
    5·1 answer
  • It is recommended we consume half of our grains from whole grains. What part of the whole grain provides just energy?
    5·1 answer
  • Studies indicate that the price elasticity of demand for beer is about 0.9. A government policy aimed at reducing beer consumpti
    8·2 answers
  • Bramble Corp. expects to purchase $110000 of materials in July and $130000 of materials in August. Three-fourths of all purchase
    15·1 answer
  • High Step Shoes had annual revenues of $202,000, expenses of $112,200, and dividends of $24,800 during the current year. The ret
    12·1 answer
  • Give the human resource and it law​
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!