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You run a small consulting business, Readyware Solutions, out of your home. During 2 0 2 4 , the business s total revenue was $

You run a small consulting business, Readyware Solutions, out of your home. During 2024, the businesss total revenue was $55,000, wages for a part-time computer programmer were $21,400, costs for business supplies were $3,100, depreciation charges on office furniture and computer supplies were $1,800, and interest payments on a bank loan were $1,600.a. Create an income statement for Readyware Solutions for 2024 and calculate the businesss annual accounting profit. Annual accounting profit $___________b. Readyware Solutions has two implicit costsa normal profit of $3,600 and wages to yourself of $16,900. How can the businesss annual economic profit be derived from its accounting profit?The businesss annual economic profit of $_____________is found by deducting total implicit costs of $__________from the accounting profit of $______________.

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