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At the end of the first year, they had earned the following revenues and expenses:
At the end of the first year, they had earned the following revenues and expenses:
Video sales revenue $ 52,500
Wages 7, 500
Utilities (water & electric) 12,000
Video rental revenue 646,000
Late fee revenue 32,000
Garbage collection service 1,200
Rent 48,000
New business loan payment 32,400
Game rental revenue 104,000
Full coverage insurance 6,000
VCR rental revenue 1,300
Video and game purchases 480,000
Misc. revenue (candy, soda, etc.) 42,500
Security monitoring fees 300
Misc. purchases (supplies, etc.) 37,500
VCR and video repair fees 600
Calculate the totals below using the figures from above.
Total Revenue _________________
Explicit Costs _________________
Accounting Profit _________________
Implicit Costs _________________
Economic Profit _________________
