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Terry and Jim are both inolved in operating illegal businesses. Terry operates a gambling business...

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Accounting

Terry and Jim are both inolved in operating illegal businesses. Terry operates a gambling business and Jim operates a drug running business. Both businesses have gross revenues of $500,000. The businesses incur the following expenses.

Terry Jim

Employee Salaries $200,000 $200,000

Bribes to Police $25,000 $25,000

Rent and Utilities $50,000 $50,000

Cost of Goods Sold -0- $125,000

What is Terry and Jim's report as net profit from their businesses?

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