Answer to Question #141147 in Finance for Ankit Suman

Question #141147
A recent engineering graduate turns down a job offer of $30,000 per year to start his own business. He will invest $50,000 of his own money that has been in a bank account earning 7 percent in interest per year. He also plans to use a building he owns that has been rented to another business for $1,500 per month. Revenue during the first year was $107,000, while expenses were:
2 Advertising $ 5,000 Rent 10,000 Taxes 5,000 Employees’ salaries 40,000 Supplies 5,000 Prepare two income statements, one using the traditional accounting approach and one using the opportunity cost approach to determine profit
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Expert's answer
2020-11-17T12:10:01-0500
Dear Ankit Suman, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order

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