The revenue cost statement for a popular grocery store owned and operated by Tom Jones is presented below; Tom Jones own

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The Revenue Cost Statement For A Popular Grocery Store Owned And Operated By Tom Jones Is Presented Below Tom Jones Own 1 (39.42 KiB) Viewed 9 times

The revenue cost statement for a popular grocery store owned and operated by Tom Jones is presented below; Tom Jones owns and operates a corner grocery store. Tom works full time as the manager, chief cashier, and janitor. Tom had $ 100,000 worth of refrigeration and other equipment invested in the store. Last year, Tom's total sales (revenue)were 300,000. During the the year he incurred the following costs: Groceries wholesale $ 76,000, Utilities $ 4000 Taxes$ 6000, Advertising $ 2000, Labor services $ 10000. If Tom had invested his funds he would have earned 5% interest. (Interest foregone on the $100,000* 3 %) Do not include the investment of $ 100,000, only the interest forgone. If the building that John owned was not being used as a grocery store it could be rented for $ 1000 a month. (Rental income is thus forgone Calculate rent for a year.). In addition, since Tom is tied up working in the the grocery store a $ 43,000 managerial position with the local jewel is gone.( Salary forgone) Show your Computations to receive full credit: 1. Calculate the explicit cost. .5 2. Calculate the implicit Cost. .5 3. Calculate the accounting profit.5 4. Calculate the total cost .5. 5. Calculate the economic profit/loss for John's Grocery store. .5 6. Show your work .5