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Mary runs a small coffee shop. She pays 1000$ per month for rent. For the...

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Accounting

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Mary runs a small coffee shop. She pays 1000$ per month for rent. For the month of March she sold 10,500$ worth of coffee to her customers. For the same month, she bought coffee beans worth 4000$. She spent another 1200$ on sugar, cups, creamer and other materials. She has two employees whom she pays 800$ each a month. Her son (John) also helped four Saturdays in a row for a total of 20 hours. John works part time as a junior bookkeeper in a firm where he makes 25$ an hour. He reduced his working hours on Saturdays at the firm so he could help his mother in her coffee shop. Compute the accounting and economic profits of Mary's coffee shop for the month of March (4 marks)

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