Sam quit his job as an accountant withWe Keep Books Accurately to open his own accounting firm. He earned $40,000 with the accounting firm We Keep Books Accurately. During the current year Sam had revenues of $150,000 and total expenses of $110,000. Same arned an:
(a) Accounting profit of $40,000.
(b) Accounting profit of $40,000 and an entrepreneurial profit of$40,000.
(c) Entrepreneurial profit of $40,000, but had an accounting loss.
(d) Entrepreneurial profit of $80,000.
(e) Both A & D are correct.