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Jane decided to resign from her current job, at which she earned $58,000 each year. She started her own business by using her $100,000 savings on which she was earning 5 % interest. In first year, her revenue was $150,000 and her costs were as follows:

Rent: $25,000

Utilities: $12,000

Wages: $30,000

Materials: $20,000

1. What is Jane's accounting profit?

2. Did Jane make economic profit?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9295180

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