Use revenue and cost information to calculate accounting and economic profit
Question

At the end of the year, after taxes, a law firm has $600,000 in revenues, $80,000 in rent, wages, and supply costs, and $50,000 in opportunity costs. How much economic profit did the firm make?

Which of the following is an example of formal management controls? answers: a firm's culturethe willingness of employees to monitor each otherbudgeting and reporting activitiesmanagerial motivation

Ming chen began a professional practice on june 1 and plans to prepare financial statements at the end of each month. during june, ming chen (the owner) completed these transactions. a. owner invested $61,000 cash in the company along with equipment that had a $25,000 market value. b. the company paid $1,900 cash for rent of office space for the month. c. the company purchased $15,000 of additional equipment on credit (payment due within 30 days). d. the company completed work for a client and immediately collected the $2,100 cash earned. e. the company completed work for a client and sent a bill for $7,000 to be received within 30 days. f. the company purchased additional equipment for $5,500 cash. g. the company paid an assistant $3,000 cash as wages for the month. h. the company collected $5,200 cash as a partial payment for the amount owed by the client in transaction e. i. the company paid $15,000 cash to settle the liability created in transaction c. j. owner withdrew $1,500 cash from the company for personal use. required: enter the impact of each transaction on individual items of the accounting equation. (enter decreases to account balances with a minus sign.)

What has caroline's payment history been like? support your answer with two examples