Hal opened a shoe-repair shop last year. During the year 2021, between January and December, Hal's...

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• Hal opened a shoe-repair shop last year. During the year 2021, between January and December, Hal's shop brought in $125,000 in revenue. • Hal has two employees, who do most of the shoe repairs, who receive a total salary (added up across the tw of them) of $62,500. • Hal paid a total of $33,000 in repair supplies and utilities for the shop. • The market value of Hal's equipment and repair machines was $24,000 at the beginning of the year; at the en of the year, the market value was $18,500. • Hal used his own business talent and skills to run the shop; these entrepreneurial skills had an annual value $39,000. • In addition, Hal spent some of his time working on shoe repairs himself at his shop; if he had spent that time working for another shoe-repair shop instead, he would have earned $33,500 over the year. • If Hal had invested his money in a different investment opportunity, instead of investing in opening his own shoe-repair shop, he would have earned $4,500 in interest on that alternative investment at the end of the ye • Hal's accountant has determined that accounting depreciation on his equipment over the year was $7,500. Complete the following table with correct economic terms in the Item Column and correct numbers in the Amount Column. Hint: use the following (shuffled) terms to complete the table (don't add the bullet point in front of your answer): . Economic Depreciation • Owned by the Firm • Implicit Rental Rate • Supplied by the Owner • Wages • Normal Profit Bought in the Market Item Revenue Table 11. Costs of Resources Supplies & Utilities 2. Costs of Resources Foregone interest 3. Cost of Resources Forgone Wage Economic Profit Table 2 Accounting Depreciation Accounting Profit Total Expense: Total Owner's Oppor. Cost: Amount • Hal opened a shoe-repair shop last year. During the year 2021, between January and December, Hal's shop brought in $125,000 in revenue. • Hal has two employees, who do most of the shoe repairs, who receive a total salary (added up across the tw of them) of $62,500. • Hal paid a total of $33,000 in repair supplies and utilities for the shop. • The market value of Hal's equipment and repair machines was $24,000 at the beginning of the year; at the en of the year, the market value was $18,500. • Hal used his own business talent and skills to run the shop; these entrepreneurial skills had an annual value $39,000. • In addition, Hal spent some of his time working on shoe repairs himself at his shop; if he had spent that time working for another shoe-repair shop instead, he would have earned $33,500 over the year. • If Hal had invested his money in a different investment opportunity, instead of investing in opening his own shoe-repair shop, he would have earned $4,500 in interest on that alternative investment at the end of the ye • Hal's accountant has determined that accounting depreciation on his equipment over the year was $7,500. Complete the following table with correct economic terms in the Item Column and correct numbers in the Amount Column. Hint: use the following (shuffled) terms to complete the table (don't add the bullet point in front of your answer): . Economic Depreciation • Owned by the Firm • Implicit Rental Rate • Supplied by the Owner • Wages • Normal Profit Bought in the Market Item Revenue Table 11. Costs of Resources Supplies & Utilities 2. Costs of Resources Foregone interest 3. Cost of Resources Forgone Wage Economic Profit Table 2 Accounting Depreciation Accounting Profit Total Expense: Total Owner's Oppor. Cost: Amount

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Based on the provided information lets fill the table with the appropriate economic terms and calculate the values for each Revenue Hals shop brought ... View the full answer