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                                                                         _________________







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