Shanice owns a food delivery business. She picks up meals from restaurants and delivers them to his clients' homes. One year Shanice's revenue is $25,000 and her costs (such as gas and maintenance on her car) is $10,000. If Shanice did not run this business, she could get a job at a grocery store and make $15,000 that year. Which of the following statements is true? Shanice's accounting profit is $15,000. Shanice's economic profit is $0. Shanice's accounting profit is $10,000. Shanice's economic profit is $20,000. Shanice's accounting profit is $0. Shanice's economic profit is $15,000. Shanice's accounting profit is $20,000. Shanice's economic profit is $10,000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Shanice owns a food delivery business. She picks up meals from restaurants and
delivers them to his clients' homes. One year Shanice's revenue is $25,000 and her
costs (such as gas and maintenance on her car) is $10,000. If Shanice did not run this
business, she could get a job at a grocery store and make $15,000 that year. Which
of the following statements is true?
Shanice's accounting profit is $15,000. Shanice's economic profit is $0.
Shanice's accounting profit is $10,000. Shanice's economic profit is $20,000.
Shanice's accounting profit is $0. Shanice's economic profit is $15,000.
OShanice's accounting profit is $20,000. Shanice's economic profit is $10,000.
Transcribed Image Text:Shanice owns a food delivery business. She picks up meals from restaurants and delivers them to his clients' homes. One year Shanice's revenue is $25,000 and her costs (such as gas and maintenance on her car) is $10,000. If Shanice did not run this business, she could get a job at a grocery store and make $15,000 that year. Which of the following statements is true? Shanice's accounting profit is $15,000. Shanice's economic profit is $0. Shanice's accounting profit is $10,000. Shanice's economic profit is $20,000. Shanice's accounting profit is $0. Shanice's economic profit is $15,000. OShanice's accounting profit is $20,000. Shanice's economic profit is $10,000.
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