Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ahmed quit his job as a aircraft mechanic to open his own small plane repair business. The job he left paid him $4000 a month.

image text in transcribed
Ahmed quit his job as a aircraft mechanic to open his own small plane repair business. The job he left paid him $4000 a month. He bought a tool set of small hand tools worth $20,000 with money he had saved. He also took a loan out to buy some larger equipment, and now owes the bank a loan payment of $5,000 every month. He also leases a space at the local small plane airport for $1,000 a month. He buys parts only as needed, and this month the parts cost him $2,000. This month Ahmed repaired 10 aircraft at $1500 each. What are Ahmed's accounting profits? O $7,000 O $9,000 O $13,000 O $10,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Routledge To Global Political Economy Conversations And Inquiries

Authors: Ernesto Vivares

1st Edition

1351064525, 9781351064521

More Books

Students also viewed these Economics questions

Question

1. To generate a discussion on the concept of roles

Answered: 1 week ago

Question

6. What information processes operate in communication situations?

Answered: 1 week ago

Question

3. How can we use information and communication to generate trust?

Answered: 1 week ago