Matt owns a sports practice facility called Matt’s Mashers i…
Matt owns a sports practice facility called Matt’s Mashers in Boaz, AL. During the first year of operation, Matt’s Mashers incurred many costs. In that year, Matt spent $5,000 on labor, $2,000 on maintenance, and $1,000 on electricity. Matt took out a loan to open his business; he would have earned $1,500 if his money had been invested elsewhere. His previous job, which he could get back at any time, paid him $50,000. If Matt’s Mashers received $80,000 in revenues, what were the accounting profits?