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Fred quits his job with a big accounting firm, where he was earning $95,000 per year,...
Joe quits his computer programming job, where he was earning a salary of $65,000 per year,...
Joe quits his computer programming job, where he was earning a salary of $65,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $20,000 per year. In his first year of business he has the following expenses: salary paid to himself, $42,500; rent, $0; and other expenses, $30,000. Find the accounting cost and the economic cost associated with Joe's computer software business. (Enter numeric responses using an integer.)...
Joe quits his computer programming job, where he was earning a salary of $50 comma 000...
Joe quits his computer programming job, where he was earning a salary of $50 comma 000 per year, to start his own computer software business in a building that he owns and was previously renting out for $30,000 per year. In his first year of business he has the following expenses: salary paid to himself, $47,500; rent, $0; and other expenses, $25,000. Find the accounting cost and the economic cost associated with Joe's computer software business. The accounting cost of...
Ricky quits his job earning $150,000/year and converts a house that he owns into a museum...
Ricky quits his job earning $150,000/year and converts a house that he owns into a museum for his large collection of antique clocks. Before this, Ricky had been renting the house out for $20,000/year. Ricky hired 2 employees for his museum at a total cost of $50,000/yr, and had to pay $10,000/yr for utilities. His museum was a huge hit and brought in revenues of $125,000 the first year. One antique clock enthusiast even offered him $1,000,000 to purchase his...
1. Jack quits his $200,000 a year job at Doctors Medical Center in order to set...
1. Jack quits his $200,000 a year job at Doctors Medical Center in order to set up a Graduate College of Science and Technology. He invests his savings of $150,000 (which had been earning 2 percent a year) in starting the College. He also borrowed $700,000 from the Bank of the East at 5 percent interest a year. Jack located his College in a building he owned and had previously been renting to Car Dealers Inc. for $120,000. Jack estimates...
Robert gave up his job earning $70,000/year and converts a house that he owns into an...
Robert gave up his job earning $70,000/year and converts a house that he owns into an art museum. Before opening his museum, he had been renting the house out for $25,000/year. Robert hired two employees for his museum at a total cost of $50,000/yr, and had to pay $10,000/yr for utilities. The museum brought in total revenues of $100,000 the first year. Someone even offered him $900,000 for one of his paintings but he declined this offer. 1. What is...
Jim resigns from his job, from which he was earning $40,000 per year, and then uses...
Jim resigns from his job, from which he was earning $40,000 per year, and then uses his own savings as the only source of capital to start a new firm. In the first year, his revenue is $120,000 and the total explicit cost is $60,000. Jim does not want to reveal how much own-savings he uses in his business, but implies that if the interest rate was higher than 5%, he would prefer not to start his own business. Refer...
Q5: Bolin is thinking about quitting his current job, which pays a salary of $56,000 per...
Q5: Bolin is thinking about quitting his current job, which pays a salary of $56,000 per year, to own and operate his own business. Investors are able to earn 14% from businesses that are equally risky as Bolin's intended business. If he started the business, he would spend $250,000 to purchase physical capital. This amount of money would come from two sources: $120,000 would be borrowed from a bank at an interest rate of 8% per year and $130,000 would...
Ben currently works in a large company where he makes $100,000 per year. He is considering...
Ben currently works in a large company where he makes $100,000 per year. He is considering starting his own business, where he expects to earn $175,000 per year. To start his own business, he has determined that he would need to rent an office in an office building and hire an assistant. The current yearly rent for an office space is $57,000. He also believes he could hire an assistant for $33,000 per year. Calculate Ben's economic profit.
Case 2 Jim resigns from his job, from which he was earning $40,000 per year, and...
Case 2 Jim resigns from his job, from which he was earning $40,000 per year, and then uses his own savings as the only source of capital to start a new firm. In the first year, his revenue is $120,000 and the total explicit cost is $60,000. Jim does not want to reveal how much own- savings he uses in his business, but implies that if the interest rate was higher than 5%, he would prefer not to start his...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he receives $716,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $416,000; he also pays wages and utility bills totaling $274,000. He owns his showroom; if he chooses to rent it out, he will receive $7,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
Joe quits his computer programming job, where he was earning a salary of $65,000 per year, to start his own computer software business in a building that he owns and was previously renting out for $20,000 per year. In his first year of business he has the following expenses: salary paid to himself, $42,500; rent, $0; and other expenses, $30,000. Find the accounting cost and the economic cost associated with Joe's computer software business. (Enter numeric responses using an integer.)...
1. Jack quits his $200,000 a year job at Doctors Medical Center in order to set up a Graduate College of Science and Technology. He invests his savings of $150,000 (which had been earning 2 percent a year) in starting the College. He also borrowed $700,000 from the Bank of the East at 5 percent interest a year. Jack located his College in a building he owned and had previously been renting to Car Dealers Inc. for $120,000. Jack estimates...
Jim resigns from his job, from which he was earning $40,000 per year, and then uses his own savings as the only source of capital to start a new firm. In the first year, his revenue is $120,000 and the total explicit cost is $60,000. Jim does not want to reveal how much own-savings he uses in his business, but implies that if the interest rate was higher than 5%, he would prefer not to start his own business. Refer...
Q5: Bolin is thinking about quitting his current job, which pays a salary of $56,000 per year, to own and operate his own business. Investors are able to earn 14% from businesses that are equally risky as Bolin's intended business. If he started the business, he would spend $250,000 to purchase physical capital. This amount of money would come from two sources: $120,000 would be borrowed from a bank at an interest rate of 8% per year and $130,000 would...
Case 2 Jim resigns from his job, from which he was earning $40,000 per year, and then uses his own savings as the only source of capital to start a new firm. In the first year, his revenue is $120,000 and the total explicit cost is $60,000. Jim does not want to reveal how much own- savings he uses in his business, but implies that if the interest rate was higher than 5%, he would prefer not to start his...
Charles lives in Detroit and runs a business that sells pianos. In an average year, he receives $716,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $416,000; he also pays wages and utility bills totaling $274,000. He owns his showroom; if he chooses to rent it out, he will receive $7,000 in rent per year. Assume that the value of this showroom does not depreciate over the year. Also, if Charles does...
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