Homework Help is Here – Start Your Trial Now!
Business
Accounting
Jane quits her $100,000/year job to open a business. In the first year, her business revenue is $150,000 Her business accounting cost is $50,000. The economic profit of her business in the first year is:

Jane quits her $100,000/year job to open a business. In the first year, her business revenue is $150,000 Her business accounting cost is $50,000. The economic profit of her business in the first year is:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Hh2. 

Account 

 

Jane quits her $100,000/year job to open a business. In the first year, her business revenue is $150,000 Her business accounting cost is $50,000. The economic profit of her business in the first year is: O $100,000 (Revenue of $150,000 accounting cost of $50,000). O $150,000, (Economic profit = Revenue). $0 (Revenue of $150,000 - accounting cost of $50,000 - opportunity cost of $100,000). O $50,000 (The opportunity cost of $100,000 accounting cost of $50,000). =
Transcribed Image Text:Jane quits her $100,000/year job to open a business. In the first year, her business revenue is $150,000 Her business accounting cost is $50,000. The economic profit of her business in the first year is: O $100,000 (Revenue of $150,000 accounting cost of $50,000). O $150,000, (Economic profit = Revenue). $0 (Revenue of $150,000 - accounting cost of $50,000 - opportunity cost of $100,000). O $50,000 (The opportunity cost of $100,000 accounting cost of $50,000). =
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Tax loss carryovers
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS