You run a small consulting business, Readyware Solutions, out of your home. During $2024,$ the business's total revenue was $$46,000,$ wages for a part$-$time computer programmer were $$20,650,$ costs for business supplies were $$2,350,$ depreciation charges on office furniture and computer supplies were $$1,050,$ and interest payments on a bank loan were $$850.$

a$.$ Create an income statement for Readyware Solutions for $2024$ and calculate the business's annual accounting profit.

Annual accounting profit

b$.$ Readyware Solutions has two implicit costs$-$a normal profit of $$2,100$ and wages to yourself of $$15,400.$ How can the business's annual economic profit be derived from its accounting profit?

The business's annual economic profit of $ of $ is found by deducting total implicit costs of $]$ from the accounting profit