
Scenario 5.1
A dentist's practice is organized as a sole proprietorship. Last year the dentist's total revenue was $320,000 and total costs were $250,000. The dentist left a job paying $112,000 a year to start the sole proprietorship.
-According to the information in Scenario 5.1, how much accounting profit did the dentist make last year?
A) $320,000
B) $208,000
C) $112,000
D) $70,000
E) -$42,000
Correct Answer:
Verified
Q46: Figure 5.1 Q47: If a firm has total revenue of Q48: The addition to a business firm's total Q49: When Ford Motor Company reports that it Q50: Normal profits refer to Q52: The existence of economic profits in a Q53: A firm earns an economic profit when Q54: If the marginal costs exceed marginal revenue, Q55: Figure 5.1 Q56: Which of the following is not a
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A) fixed costs.
B) variable
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