chapter 1 - solution to problems - harvard …（第一章u2014u2014解决问题u2014u2014哈佛u2026）.pdf

Chapter 1 - Solution to Problems P1-1. LG 1: Liability Comparisons Basic (a) Ms. Harper has unlimited liability. (b) Ms. Harper has unlimited liability. (c) Ms. Harper has limited liability, which guarantees that she cannot lose more than she invested. P1-2. LG 2, 4: Marginal cost-benefit analysis and the goal of the firm Intermediate (a) Benefits from new robotics $560,000 Benefits from existing robotics 400,000 Marginal benefits $160,000 (b) Initial cash investment $220,000 Receipt from sale of old robotics 70,000 Marginal cost $150,000 (c) Marginal benefits $160,000 Marginal cost 150,000 Net benefits $10,000 (d) Ken should recommend that the company replace the old robotics with the new robotics. The net benefit to shareholders is positive which should make the shareholders better off. (e) Ken should consider more than just net benefits. He should incorporate the important points of timing, cash flow, and risk, three important factors to determining the true impact on shareholders’ wealth. P1-3. LG 2: Annual Income versus Cash Flow for a Period Basic (a) Sales $760,000 Cost of good sold 300,000 Net profit $460,000 (b) Cash Receipts $690,000 Cost of good sold 300,000 Net cash flow $390,000 (c) The cash flow statement is more useful to the financial manager. The accounting ne