Barney average monthly accounting profits

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Reference no: EM133066705

Barney decides to quit his job as a corporate accountant, which pays $12,000 a month, and goes into business for himself as a certified public accountant. He runs his business from his converted garage apartment, which he could rent out for $325 a month if he wasn't using it as a home office. He must purchase office supplies worth $80 a month, and his monthly electricity bill has increased by $60 now that he is working out of his home office.

After six months of working from home, Barney has earned an average of $14,000 per month.

Instructions: Enter your answers as a whole number.

a. What are Barney's average monthly accounting profits?

b. What are Barney's average monthly economic profits?

Reference no: EM133066705

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