Anne used to work as an advertising agent for a firm for $50,000 per year, but quit to start REP 8WH Last year her costs of operation included rent for her office of $12,000 and staff costs. Her staff assistants were paid $30,000. Her revenue was $80,000. Anne asked two of her friends to calculate her profit, Joe is an accountant. Sally is an economist. Which of the following would be true of their calculations? O Joe says her profit is $38,000 and Sally says her profit is -$12,000. O Joe says her profit is $38,000 and Sally says her profit is $12,000. O Joe says her profit is $80,000 and Sally says her profit is $38,000. Joe says her profit is $50.000 and Sally says her profit is -$12,000.
Anne used to work as an advertising agent for a firm for $50,000 per year, but quit to start REP 8WH Last year her costs of operation included rent for her office of $12,000 and staff costs. Her staff assistants were paid $30,000. Her revenue was $80,000. Anne asked two of her friends to calculate her profit, Joe is an accountant. Sally is an economist. Which of the following would be true of their calculations? O Joe says her profit is $38,000 and Sally says her profit is -$12,000. O Joe says her profit is $38,000 and Sally says her profit is $12,000. O Joe says her profit is $80,000 and Sally says her profit is $38,000. Joe says her profit is $50.000 and Sally says her profit is -$12,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Anne used to work as an advertising agent for a firm for $50,000 per year, but quit to start her own advertising business.
Last year her costs of operation included rent for her office of $12,000 and staff costs. Her staff assistants were paid
$30,000. Her revenue was $80,000. Anne asked two of her friends to calculate her profit, Joe is an accountant. Sally is an
economist. Which of the following would be true of their calculations?
O Joe says her profit is $38,000 and Sally says her profit is -$12,000.
O Joe says her profit is $38,000 and Sally says her profit is $12,000.
Joe says her profit is $80,000 and Sally says her profit is $38,000.
Joe says her profit is $50,000 and Sally says her profit is -$12,000.
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