Business, 05.05.2020 09:48, wackdack

Rather than put the $100,000 that his grandmother left him in a mutual fund and earn 5% each year, Tommy Wang quit his job that paid $60,000 per year and used the $100,000 to start Wang's Wicker Furniture Store. He rented a showroom for $15,000 for the year, purchased $60,000 in wicker furniture, and incurred costs of $40,000 for sales help and advertising. He also purchased capital equipment that depreciates $5,000 each year. In his first year, his revenue was approximately $150,000.
(Scenario: Accounting and Economic Profit) The accounting profit of Wang's Wicker Furniture Store is:

A) $200,000.
B) $60,000.
C) $30,000.
D) $0.
E. None of above

Answers: 2

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Rather than put the $100,000 that his grandmother left him in a mutual fund and earn 5% each year, T...