Donald Brennan has a financial planning business that received revenue totaling $212,000 for the year. His operating expenses were as follows: $99,600 for salaries; $4,980 for payroll taxes; $10,200 for office rent; $1,500 for depreciation of equipment;
$12,500 for supplies; $5,040 for utilities; $2,544 for miscellaneous expenses; $6,850 for automobile expense; and $575 for equipment repair expense. Compute the total operating expenses and net profit before taxes for Donald Brennan's office for the year.
operating expenses: $143,789; net profit: $68,211
operating expenses = $99,600 + $4,980 + $10,200 + $1,500 + $12,500 + $5,040 + $2,544 + $6,850 + $575 = $143,789
net profit = $212,000 - $143,789 = $68,211
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