Prepaid rent, representing rent for the next six months' occupancy, would be reported on the tenant's balance sheet as a(n) a. liability b. asset c. contra liability and. stockholders' equity account

3. saving two consumers, larry and jeff, have utility functions defined over the two periods of their lives: middle age (period zero) and retirement (period 1). they have the same income in period 0 of m dollars and they will not earn income in period 1. the interest rate they face is r. larry’s and jeff’s utility functions are as follow. = 0.5 + 0.5 and = 0.5 + 0.5 for each person is between zero and one and represents each consumer’s temporal discount econ 340: intermediate microeconomics. ben van kammen: purdue university. rate. a. write the budget constraint that applies to both jeff and larry in terms of consumption in each period and ), interest rate, and m. b. what is larry’s and what is jeff’s marginal rate of intertemporal substitution? c. what is the slope of the budget constraint? d. write each consumer’s condition for lifetime utility maximization. e. re-arrange the conditions from part (d) to solve for the ratio, . f. if > which consumer will save more of his middle age income? g. if > 1 1+ , in which period will larry consume more: = 0 or = 1?

If gerry is approved for a $150,000 mortgage at 3.75 percent interest for a 30-day loan, what would the monthly payment be?

The unadjusted trial balance of the manufacturing equitable at december 31, 2018, the end of its fiscal year, included the following account balances. manufacturing’s 2018 financial statements were issued on april 1, 2019. accounts receivable $ 114,250 accounts payable 53,600 bank notes payable 670,000 mortgage note payable 1,270,000 other information: the bank notes, issued august 1, 2018, are due on july 31, 2019, and pay interest at a rate of 12%, payable at maturity. the mortgage note is due on march 1, 2019. interest at 11% has been paid up to december 31 (assume 11% is a realistic rate). manufacturing intended at december 31, 2018, to refinance the note on its due date with a new 10-year mortgage note. in fact, on march 1, manufacturing paid $263,000 in cash on the principal balance and refinanced the remaining $1,007,000. included in the accounts receivable balance at december 31, 2018, were two subsidiary accounts that had been overpaid and had credit balances totaling $19,650. the accounts were of two major customers who were expected to order more merchandise from manufacturing and apply the overpayments to those future purchases. on november 1, 2018, manufacturing rented a portion of its factory to a tenant for $32,400 per year, payable in advance. the payment for the 12 months ended october 31, 2019, was received as required and was credited to rent revenue. required: (1) prepare any necessary adjusting journal entries at december 31, 2018, pertaining to each item of other information (2) prepare the current and long-term liability sections of the december 31, 2018, balance sheet. balance sheet (partial) at december 31, 2018 current liabilities: total current liabilities long-term liabilities: