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Acceptor for honour
of ①______
on ②______
signed by ③______
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第1题
Question 2
The world producer price for baseballs is ＄24 per dozen, and almost all of them are produced outside the U.S. Suppose the U.S demand curve is QD=100,000-2,000P, where P is price per dozen, and Q is measured in dozens. The U. S domestic supply curve is QS=-10,000 + 1,000P.
(a) Before a tariff is imposed, what is the U. S equilibrium price？ Domestic consumption？ Domestic production？ Imports？
(b)Congress has decided to help the baseball manufacturing industry for national security reasons, and it imposes a tariff of ＄6 per dozen. What are the new equilibrium price, domestic consumption, domestic production, and imports？
第2题
Question 3
A plastics monopolist faces the demand curve P=180 - Q, where Q is measured in thousands of pounds per year and P is measured in dollars per pound. Marginal cost is constant at MC=＄60 per pound.
(a)Find the monopolist's profit-maximizing price and quantity.
(b)What is the elasticity of demand at the profit-maximizing price？
第3题
Question 8
May Trading Co. Ltd. has following figures at 31 December Year 1
＄
Fixed assets 1,300,000
Provision for depreciation 350,000
Stock 450,000
Debtors(net) 142,500
Bank 250,000
Creditors 240,000
Accrued expenses 65,000
Share capital(＄10 par) 1,600,000
Profit and loss account 467,350
As the accountant of May Trading Co. Ltd., you are required to prepare its master budgets for the 6 months from 1 January Year 2 to 30 June Year 2. You have the following information available:
Sales
Purchase Wages Overheads excluding depreciation
(Units)
Oct Year 1 (Actual) 25,000 130,000 90,000 70,000
Nov Year 1 (Actual) 27,000 150,000 90,000 70,000
Dec Year 1 (Estimated) 33,000 170,000 90,000 90,000
Jan Year 2 (Estimated) 30,000 170,000 90,000 70,000
Feb Year 2 (Estimated) 35,000 180,000 100,000 90,000
Mar Year 2 (Estimated) 36,000 200,000 110,000 90,000
Apr Year 2 (Estimated) 34,000 190,000 110,000 90,000
May Year 2 (Estimated) 33,000 190,000 110,000 80,000
Jun Year 2 (Estimated) 37,000 160,000 120,000 80,000
Additional Information:
1. The selling price in October Year 1 was ＄9 per unit and this will be increased to ＄10 in February Year 2.
2. 30% of sales are on cash basis, credit sales are to be settled one month after the sales. It is expected that 5% of credit sales are uncollectible.
3. Purchases are to be paid for two months after purchases.
4. Wages and overheads are to be paid equally in the month incurred and the following months.
5. A machine will be purchased on 1 January Year 2 at a cost of ＄240,000.
6. The depreciation policy on fixed assets is 10% p.a. on cost on those owned at the end of the budget period.
7. The stock level at 30 June Year is estimated to be two months' purchases in the past.
8. The company plans to raise money from the stock market by issuing 50,000 preference shares at＄5 per share in March Year 2.
9. Accrued expenses are to be settled in one month.
Required:
(a)Prepare a Budgeted Profit & Loss Account for the 6 months period ended 30 June Year 2.
(b)Prepare a Cash Budgeted for the 6 months period ended 30 June Year 2.
第4题
Question 3
(a)Define a promissory note.
(b)State whether each of the following negotiable instruments is valid.
(i) A bill reads "pay ＄1,000 out of money to be received by you from Mr. Gao".
(ii) A bill of exchange reads "pay ＄10,000, charge the same to the sale proceeds of 100 cartons of toys shipped per SS Mingzen".
(iii) A bill of exchange which is stated as being payable on arrival of goods at a specified port.
(iv) Is a bill of exchange which is payable on a person's marriage valid？
(v) A bill of exchange is drawn in favour of a minor, a person below the age of eighteen.
(vi) A bill of exchange reads "we hereby request you to pay on our account to the order of Gao＄1,000".
(vii) A bill of exchange reads "pay to our order the sum of ＄5,000 in accordance with your undertaking authorized through Bank of Hongkong".
(viii) Is a cheque which reads "pay order" valid？
(ix) A promissory note reads "I promise to pay on or before Dec 1st, 1998 Mr. Gao or order the sum of ＄10,000 only for value received. Signed".
(x) Is a promissory note which reads "to be paid back in full by 1 July, 1988" valid？
第5题
【M1】
第6题
Question 4
Peter wants to buy a comer store. When negotiating in January, he was told by David, the owner of the store that the business of the store was very good and the average net profit from the store was＄100,000 per month for the last year. However, in March, a supermarket opened near the store and the business at the store became very slow. Then a contract for the sale of the store was signed between them, all the time David didn't mention anything to Peter.
Could Peter make a claim against David for misrepresentation. Advise Peter supported by cases.
第7题
Question 7
After the first year of trading, Mr. Wong provided you the following list of ledger balances as at 31 December 2003:
＄
Stock, 1 January 2003 3,300
Stock, 31 December 2003 25,200
Sales 160,000
Purchases 100,000
Premises 142,600
Fixtures & Fittings 45,200
Motor Vehicles 42,500
Returns Inwards 1,500
Returns Outwards 2,600
Carriage Inwards 1,000
Carriage Outwards 250
Debtors 30,500
Creditors 41,500
Wages 17,495
Rent and Rates 3,900
Lighting & Heating 18,455
Insurance 10,600
Motor Vehicle Expenses 2,400
Cash at Bank 4,700
Bank Loan 29,000
Loan Interest 2,300
Drawing 6,400
You are further given the following information:
1.Wages owing are ＄550.
2.Prepaid rent is ＄600.
3.Depreciation of Fixtures & Fittings is 10% per annum on cost.
4.Depreciation of Premises is based on a 10-year lease.
5.Depreciation of Motor Vehicles is 50% life using the reducing balance method.
6.Stock taken for Mr. Wong's own use is ＄1,100. Such a transaction has not yet been recorded.
7.It is estimated that one-third of the driving time is for private purposes.
8.5% of the outstanding accounts at the year end is thought to be uncollectible.
9.There was no error made in the recording of business transactions for the year.
Required:
(a)Prepare a Trading and Profit and Loss Account for the year ended 31 December 2003.
(b)Prepare a Balance Sheet as at 31 December 2003.
(c)Explain the meaning and the significance of Working Capital.
第8题
Question 7
The summary Balance Sheet of Billy Trading Company on 1 April 2003 was as follows:
＄
Equipment (at cost) 180,000
Less: Provision for depreciation (68,400)
Stock 38,600
Debtors 50,000
Total assets 200,200
Financed by:
Share Capital 70,000
Revenue Reserves 50,000
10% debentures 70,000
Proposed dividends 2,200
Bank overdraft 8,000 200,200
Additional information:
1. The following sales, purchases and payment transactions are expected to occur in the next three months:
Sales Purchases Expenses
＄ ＄ ＄
April 360,000 180,000 60,000
May 370,000 200,000 70,000
June 360,000 190,000 80,000
2. All sales are on credit basis and the collection pattern is expected as follows:
(a)80% of the money will be collected in the month of sales. It is estimated that 5% cash discount will be given for collections in this period.
(b)The remaining 20% of the money will be collected in the month subsequent to sales.
3. Payment to creditors is made in the month of purchases in order to take the advantage of 10% discount which is calculated on the gross purchase figures.
4. Depreciation of tide equipment is calculated at a rate of 15% per annum on cost. Depreciation charges have been included in the estimation of expenses for each month from April to June 2003.
5. Expenses are paid in the month in which they are incurred.
6. Stock levels are expected to remain unchanged throughout the period.
7. The proposed dividend will be paid in May 2003.
8. The debentures interest for the three months will be paid in July 2003.
Required:
(a)Prepare a Budgeted Profit and Loss Account for the three months ended 30 June 2003.
(b)Prepare a Cash Budget for each of the three months from April to June 2003.
(c)Prepare a Budgeted Balance Sheet as at 30 June 2003.
第9题
Question : Should the Chinese company compensate the American trader for the loss？ Why？
第10题
？Read the text below about computer trends.
？For each question (31-40), write one word in CAPITAL LETTERS on your Answer Sheet.
COMPUTER TRENDS
When analysing the computer market worldwide it is useful is distinguish (31) sales of desktop computers and portable laptop models. The major manufacturers perform. very differently (32) different areas of the market; for example, A.B.I. , the worldwide brand leader in desktop computers, ranks only fourth in laptop computer sales and has captured only nineteen per cent of the European market. The Grown Corporation has succeeded in penetrating the difficult European market and now has a twenty-one per cent market share; in worldwide sales, however, Crown ranks second in laptop models (33) fourth in desktops.
Beginner's luck
A recent arrival (34) the scene, Unitec, has won a twenty-eight per cent slice of the European market and already stands at number five in the world market in (35) categories. The computer division of Marcus Industries ranks just below A. B. I. in the desktop best five and currently leads the world market in portable models; in spite of this, Marcus have captured only six per cent of the European sector.
Europe fights back
The remainder (36) the European market is shared by a number of local manufacturers who are competing well in home markets (37) who do not figure largely on the international scene. The (38) one of these European companies to challenge the U. S. and Japanese makers abroad successfully is Contact Electronics who entered the top five in the laptop field this year and managed (39) outsell both A. B.I. and Unitec. Unitec's main rival, PerryHamilton, still occupies third place in the desktop category, (40) is struggling to maintain its market share.
(31)
