Final answer:
XYZ Company's accounting profit is its net income, which is $9 million, as specific costs are not detailed and presumed already deducted. A comparative example provided is a firm with $1 million in total revenues and $950,000 in explicit costs (labor, capital, materials), resulting in an accounting profit of $50,000.
Step-by-step explanation:
If XYZ Company had $24 million in revenue and net income of $9 million, we would calculate its accounting profit by subtracting explicit costs from total revenues. Unfortunately, the explicit costs are not provided in this scenario, so we assume that they are already deducted since we have the net income. Therefore, the accounting profit for XYZ Company would be the same as its net income, which is $9 million.
For reference, let's look at a self-check question provided: A firm had sales revenue of $1 million last year. It spent $600,000 on labor, $150,000 on capital, and $200,000 on materials. The firm's accounting profit is calculated as total revenues minus explicit costs, in this case, $1,000,000 - ($600,000 + $150,000 + $200,000) = $50,000.
Examining these examples shows that to understand a company's financial health, one must consider both revenue and expenses. Accounting profit is a useful indicator of financial performance, calculated by subtracting explicit costs from total revenues.