Accounting cost and accounting profit

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Reference no: EM132074112

The data in the table represents annual costs and revenue for Amy's store. Aurora works 60 hours a week at the store. Aurora owns the building that houses her store, and if she closed the shop, she could rent out the building for $30,000 per year and go to work for a manufacturing job and earn a salary of $20,000 per year. What is the economic profit and economic cost for Amy's store. Are these figures the same as the accounting cost and accounting profit?

Wages Paid to workers $21,000

Interest Paid on Loans $7,000

Other Expenditures $27,000

Total Revenue $114,000

Reference no: EM132074112

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