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Constrained Consumer Choice. Steve's utility function is U = BC, where B = veggie burgers per week, and C = packs of cigarettes per week. Here MUB = C and MUC = B. 1.1. What is his marginal rate of substitution if veggie burgers on the vertical axis and cigarettes are on the horizontal axis? 1.2. Steve's income is $120, the price of a veggie burger is $2, and that of a pack of cigarettes is $1. How many burgers and how many packs of cigarettes does Steve consumer to maximize his utility? 1.3. When a new tax raises the price of a burger to $3, what is his new optimal bundle? Illustrate your answer in a graph.
Ted also owns a 10% of Subco (an S corporation) that had $100,000 of taxable income and distributed a total of $60,000 to its shareholders. How much must Ted include in his gross income as a result of being a shareholder in these two corporations?
Illustrate what is the normal journal entry for recording bad expense under the allowance method? a)Debit allowance for doubtful accounts, credit accounts receivable.
What collateral or security will the company provide to make sure that any loan i make will be repaid?
All checks written by the company had been processed by the ank by May 31 and were listed on the bank statement except for checks totaling $1,890.0. Prepare a bank reconciliation as of May 31, 2011.
The city purchased new computer equipment costing $19,000 by paying $3,000 in cash and signing a long-term note payable for $16,000.
Young’s adjusted basis in the property transferred was $20,000. The fair market value of the stock was $50,000. Illustrate what is the amount of gain realized by Mr. Young? By XYZ Corporation?
In the payback method, depreciation is added back to net operating income when computing the net annual cash flows and net present value method and the internal rate of return method can be used as a screening tool in capital budgeting decisions.
You purchase a boat fpr $35,000 and pay $5,000 down. You also agree to pay the rest over the next 10 years in10 equal end of the year payments plus 13% compound interest on the unpaid balance. What will be the amount of each payment?
An examination of the cost records of the Williams Furniture Company reveals that the materials price variance is favorable but the materials quantity variance is unfavorable by a substantial amount. Illustrate what might this indicate?
Illustrate what three items comprise “Other reserves” as reported in the balance sheet? If British Airways used U.S. GAAP, what would be the likely account titles for the three items?
Salvador, Inc. reported net income of $2.5 million in 2008. Depreciation for the year was $260,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Calculate net cash provided by operating activities using the indir..
Calculate the appropriate annual rate of return on investment of the following cash discount terms and evaluate the annual rate of return for the cash Discounts
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