Author Question: John fishes for a living. Last year, he sold $100,000 of fish. Bait, nets and other fishing supplies ... (Read 54 times)

big1devin · **on:** May 24, 2019

John fishes for a living. Last year, he sold $100,000 of fish. Bait, nets and other fishing supplies cost John $10,000 and he paid $40,000 in salaries to his helpers. Depreciation on his boat and other equipment, as calculated using IRS rules, was $15,000. What was John's profit as would be calculated by an accountant?
◦ $165,000
◦ $100,000
◦ $65,000
◦ $35,000
◦ None of these answers is correct.

debra928 · **Reply #1 on:** May 24, 2019

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