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Calculating the accounting profit for gomez pottery firms

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Reference no: EM131687504

Gomez runs a small pottery firm. He hires one helper at $ 115.000 per year, pay annual rent of $ 7,000 for his shop, and spend $ 22, 500 per year on materials. He has $ 40,000 of his own funds invested in equipment ( pottery wheels, kilns, and so forth ) that could earn him $ 6,500 per year if alternatively invested. He has been offered $ 22,000 per year to work as a potter for a competitor. He estimates his entrepreneurial talents are worth $ 4,500 per year. Total annual revenue from pottery sales is $ 80.000

Instructions : Enter your answer as whole numbers. Fill in the the parentheses

a. Calculating the accounting profit for Gomez's pottery firms.

($ ?)

b. Now calculate Gomez's economic profit.

($ ?)

Reference no: EM131687504

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