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What is the accounting cost for the shop

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Reference no: EM131861692

Francis owns a dog grooming shop. Francis owns the building where the shop is located. Her annual revenue and operating expenses are as follows:

Revenues $224,000

Supplies $48,000

Utilities $6,000

Employee salaries . $72,000

Francis' salary . $84,000

Francis is considering closing the shop to become a professional dog trainer. If she makes this change, she would make $88,000 a year and her cousin has offered to rent the building for $30,000 annually

  • What is the accounting cost for the shop?
  • What is the economic cost for the shop? Why is it different from accounting cost?
  • What is the economic profit for the shop?

Reference no: EM131861692

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