Don't give answer in image format Q3 James Collier left his job at a large corporation where he had worked as a senior accountant.He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C.Accounting earned total revenue $680000 in first year. The material cost was $49000; costs forrented equipment were $30000, salary given to the security man was $18800 and wages given toworkers were $158229 in a year. The interest forgone for the invested funds was $22000 per year.James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered$26985 per year to train employees in another firm. Two students assist him managing his accountbooks for which they are paid $6550 each per year. Find accounting profits and economic profitsfor J.C. Accounting firm. Should James Collier stay in his business? Why?Explicit costs=Implicit costs=Economic costs=Accounting profits

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Q3 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C. Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wa workers were $158229 in a year. The interest forgone for the iny James Collier estimated his entrepreneurial $26985 per year in

Q3 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C. Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wa workers were $158229 in a year. The interest forgone for the iny James Collier estimated his entrepreneurial $26985 per year in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Don't give answer in image format

Q3 James Collier left his job at a large corporation where he had worked as a senior accountant.
He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C.
Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for
rented equipment were $30000, salary given to the security man was $18800 and wages given to
workers were $158229 in a year. The interest forgone for the invested funds was $22000 per year.
James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered
$26985 per year to train employees in another firm. Two students assist him managing his account
books for which they are paid $6550 each per year. Find accounting profits and economic profits
for J.C. Accounting firm. Should James Collier stay in his business? Why?
Explicit costs=
Implicit costs=
Economic costs=
Accounting profits

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