PLEASE check my calculations and provide helpful feedback. Please do not provide incorrect or confusing information.

Thank you very much for your help

At the beginning of the year, a high school football coach decided to leave his job and give up his annual coaching salary of $55,000 and open his own sporting goods store. A partial income statement for follows:

Revenues

Revenue from sales of goods and services.......

$210,000

Operating costs and expenses:

Cost of products and services sold....................

$82,000

Selling expenses................................................

$6,000

Administrative expenses...................................

$12,000

Total operating costs and expenses................

$100,000

Income from operations........................................

$110,000

Interest expense (bank loan).................................

$14,000

Non-recurring expenses to start business.............

$24,000

Net income...........................................................

$72,000

To get the sporting goods store opened, the former coach used $60,000 of his personal savings. The coach opened his store in a building that he owns. Prior to opening his store, the building was rented for $36,000 per year. The coach could have earned 5 percent return by investing in stocks of other new businesses with risk levels similar to the risk level associated with his new sporting goods store.

a.The former high school coach incurs $100,000 of total explicit costs (Explicit cost= $100,000+$14,000+$24,000= $138,000) for using market-supplied resources.

b.The opportunity cost of the owner's equity capital is($60,000*5%=$3000) $3000 annually.

c.Total implicit cost of owner-supplied resources is($55,000+$36,000+$60,000*0.05=$94,600)$94,000.

d.Total economic cost is($138,000+$94,000=$232,000)$232,000,and accounting profit is($210,000-$138,000=$72,000)$72,000

f.By how much did coach's wealth change by opening the sporting goods store?($210,000 - $138,000 - $94,000 = -$22,000) - $22,000. Based on the results, coach is experiencing an economic loss of $22,000.