Prepares tax returns and does bookkeeping

Assignment Help Business Economics

Reference no: EM13891971

Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000, and her expenses for the business were $15,000. When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting business. Refer to Scenario 13-7. Julia’s economic profits are a. $160,000. b. $125,000. c. $150,000.

Reference no: EM13891971

Questions Cloud

How has the media influenced your cultural identity : How has the media influenced your cultural identity? Your religion? Your community? What other forces operate to influence your cultural identity?

Use the empirical rule for normal distributions : The average rent in a city is $1,500 per month with a standard deviation of $250. Assume rent follows the normal distribution. What percentage of rents are between $1,250 and $1,750? What percentage of rents are greater than $2,000?

Is the economy in its long-term equilibrium : Suppose the parameters of the IS curve are a ¯i = 0, b ¯ = 0.5, r ¯ = 3% and the real interest rate is initially R = 3%. Is the economy in its long-term equilibrium? Explain.

Liabilities plus coins issued-treasury make up monetary base : The? Fed's liabilities plus coins issued by the Treasury make up the monetary base. ?Coins, which are issued by the Treasury are an asset of the Fed and a component of the monetary base. The monetary base is the sum of Federal Reserve? notes, coins, ..

Prepares tax returns and does bookkeeping : Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000, and her expenses for the business were $15,000. When she started her tax and bookkeeping business, Julia gave up her suppleme..

Costs on her financial statements : Patrice owns a travel agency. Her accountant most likely includes which of the following costs on her financial statements?

Average total cost of producing individual income tax return : Suppose that a firm’s long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns. For this range of output, the firm is experiencing

What is the inflation rate : If your nominal rate of return is 14.38 percent and your real rate of return is 4.97 percent, what is the inflation rate?

Historical returns on balanced portfolio : The historical returns on a balanced portfolio have had an average return of 8% and a standard deviation of 12%. Assume that returns on this portfolio follow a normal distribution. Use the empirical rule for normal distributions to answer the followi..

User Account

All Pages