Save Answ An accounting professor decided to open her own business and earned $190,000 in accounting...
Get step-by-step solutions with AI-powered insights and expert guidance to help you understand core concepts.
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6646e5e225b83_4016646e5e15eae6.jpg)
Transcribed Image Text:
Save Answ An accounting professor decided to open her own business and earned $190,000 in accounting profit in the first year. When deciding to open her own business, she withdrew $50,000 from he savings, which earned a 4.18 percent interest. Additionally, she had to quit her job, which paid $140,000 a year, and took over a building that she owns, renting it to her friend for $18,000 a year. Tha same year, she paid $4.500 in utilities. Determine the economic profit of the accounting professor. -24690 Moving to another question will save this response. Question 22 of 3 Save Answ An accounting professor decided to open her own business and earned $190,000 in accounting profit in the first year. When deciding to open her own business, she withdrew $50,000 from he savings, which earned a 4.18 percent interest. Additionally, she had to quit her job, which paid $140,000 a year, and took over a building that she owns, renting it to her friend for $18,000 a year. Tha same year, she paid $4.500 in utilities. Determine the economic profit of the accounting professor. -24690 Moving to another question will save this response. Question 22 of 3
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The 8 kg heavy disk shown in Figure 1 has a channel in which a 0.5 kg heavy pin can side with friction #p 0.2. The disk has radius r=0.6 m and the channel is 0.1 m away from the contre of the disk....
-
Y field Honey is contemplating a new packing machine, to be used for a relatively short period until its new factory is built with computerised equipment installed. Two machines are being...
-
How do I use my relationship-building skills to express to my supervisor how I feel about delivering an impromptu speech without notes and a plan?
-
Suppose you own an outdoor recreation company and you want to purchase all-terrain vehicles (ATVs) for your summer business and snowmobiles for your winter business. Your budget for new vehicles this...
-
What is the purpose of maintaining an inventory of data collected in a forensic accounting engagement?
-
The following table presents selected items from the 2016 and 2015 balance sheets and 2016 in come statement of Golden Enterprises, Inc. Golden Enterprises reported expenditures for property and...
-
About what proportion of the cockroaches will have weights greater than 83 grams? (a) 0.0228 (c) 0.1587 (e) 0.0772 (b) 0.0668 (d) 0.9332
-
Liz and John formed the equal LJ Partnership on January 1 of the current year. Liz contributed $80,000 of cash and land with a fair market value of $90,000 and an adjusted basis of $75,000. John...
-
Compare and contrast the direct write-off method and the allowance method for bad debts. At a minimum, please consider the following in your answer: When is the expense for uncollected accounts...
-
An employee plans on working and contributing to his retirement account monthly for 32 years and then plans to live off his retirement savings for the next 35 years. He expects his retirement account...
-
Refer to the information in E10-6 regarding Lucky Charm Company. Required: Prepare journal entries to record Lucky Charms January direct materials and labor transactions. Data from E10-6 Lucky Charm...
-
The Pure Water Company operates as the municipal water supplier for North Country Town. The town allows the Pure Water Company to charge consumers of the town water the costs to provide the water...
-
Omar Company has compiled the following data for the upcoming year. Sales are expected to be 15,000 units at \($35.75\) each. Direct materials requires 2 pounds per unit at \($1.50\) per pound. ...
-
Anacom Company has expected overhead fixed costs of \($100,000.\) The estimated variable overhead costs are \($400,000,\) assuming the allocation base is 50,000 machine hours. Anacom has one overhead...
-
Judy Rock began Rock Refinishing Service on July 1. Selected accounts are shown below as of July 31 , before any adjusting entries have been made: Using the following information, record in a general...
-
Discuss the Global Exchange Rate Performanoe(also relate how BHICS reserve currency may be at play) from an economics perspecuve and offer a comparative analysis in The Great recent recession vs The...
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
Most trusted delivery service. Clutch is a firm that collects data and client testimonials to conduct case studies in guiding people through the process of choosing a business service or solution. On...
-
How many questionnaires to mail? The probability that a consumer responds to a marketing departments mailed questionnaire is .4. How many questionnaires should be mailed if you want to be reasonably...
-
Reliability of a one-shot device. A one-shot device can be used only once; after use, the device (e.g., a nuclear weapon, space shuttle, automobile air bag) is either destroyed or must be rebuilt....
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App