Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Samantha has been working for a law firm and earning an annual salary of $80,000. She decides to open her own practice. Her annual expenses

image text in transcribed
Samantha has been working for a law firm and earning an annual salary of $80,000. She decides to open her own practice. Her annual expenses will include $15,000 for office rent, $3,000 for equipment rental, $1,000 for supplies, $1,200 for utilities, and a $35,000 salary for a secretary/bookkeeper. Samantha will cover her start-up expenses by cashing in a $20,000 certificate of deposit on which she was earning annualinterest of $500.| 4. Samantha's annual economic costs will equal a. $55,200. b. $75,200. C. $80,500. d. $135,700 Answer: 5.According to Samantha's accountant, which of the following revenue totals will yield her business $50,000 in accounting profits? a. $55,200. b. $105,200. c. $132,500 d. $185,700. Answer: 6.According to an economist, which of the following total revenue will yield Samantha's business $50,000 in economic profits? a. $55,200. b. $105,200. c. $132,500. d. $185,700

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 Worldly Philosophers The Lives, Times And Ideas Of The Great Economic Thinkers

Authors: Robert L Heilbroner

7th Edition

068486214X, 9780684862149

More Books

Students also viewed these Economics questions