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Explain the firm accounting profit

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-Defne and Yasmien have been good friends since high school. When they graduated in College they decided to put up the :Passionista" , a firm selling clothing lines for women. Both shared a capital of $75,000 as a start capital for their firm. In their first year they had sales revenue of $1 million . Passionista spent $600,000 on labor, l and $200,000 on materials or supplies. Both Defne and Yasmien work for their company as a salesclerk and managers. Defne used to earn an annual income of $35, 000 as logistic Manager while Yasmien left her salary of $ 20,000 as a designer for Passionist?

Answer the ff: ; PLEASE SHOW YOUR SOLUTIONS

- What was the firm's accounting profit?

- What is the firm's economic profit last year if Passionista sits on land owned by Defne's family that it could rent for $30,000 per year.

Reference no: EM133083321

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