Scenario 13-7 Julia Prepares Tax Returns and Does Bookkeeping. Last Year Her

question 393

Multiple Choice

Scenario 13-7
Julia prepares tax returns and does bookkeeping. Last year her revenues from the tax and bookkeeping business were $150,000, and her expenses for the business were $15,000. When she started her tax and bookkeeping business, Julia gave up her supplemental job doing in-home pet sitting. She used to earn $10,000 per year from pet sitting. Assume that she incurred no costs for her pet sitting business.
-Refer to Scenario 13-7. Julia's explicit costs are

• A)0.
• B)$10,000.
• C)$15,000.
• D)$25,000.

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Definitions:

Tropical Rain Forests

Diverse and dense forests located in the tropics, characterized by high rainfall and biodiversity.

Productive Biome

An ecosystem with a high rate of plant productivity, supporting a vast array of animal life due to the abundance of food sources.

Thermocline

A layer within a body of water or the atmosphere where temperature changes more rapidly with depth or height than it does in the layers above or below.

Overturn

To reverse the position, condition, or decision of something; typically implying a dramatic or significant change.