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1、CHAPTER1:THEINVESTMENTENVIRONMENT1.a.Cashisafinancialassetbecauseitistheliabilityofthefederalgovernment.b.No.Thecashdoesnotdirectlyaddtotheproductivecapacityoftheeconomy.c.Yes.d.Iftheeconomyisalreadyoperatingatfullcapacity,andyounowcommandtheadditionalpurchasingpow
2、erprovidedbythe$10billion,thenyourincreasedabilitytopurchasegoodsmustbeoffsetbyadecreaseintheabilityofotherstopurchasegoods.Thus,theotherindividualsintheeconomycanbemadeworseoffbyyourdiscovery.2.a.ThebankloanisafinancialliabilityforLanni.(Lanni’sIOUisthebank’sfinan
3、cialasset).ThecashLannireceivesisafinancialasset.ThenewfinancialassetcreatedisLanni'spromissorynote(thatis,Lanni’sIOUtothebank).b.Lannitransfersfinancialassets(cash)tothesoftwaredevelopers.Inreturn,Lannigetsarealasset,thecompletedsoftware.Nofinancialassetsarecreate
4、dordestroyed;cashissimplytransferredfromonepartytoanother.c.Lannigivestherealasset(thesoftware)toMicrosoftinexchangeforafinancialasset,1,500sharesofstockinMicrosoft.IfMicrosoftissuesnewsharesinordertopayLanni,thenthiswouldrepresentthecreationofnewfinancialassets.d.
5、Lanniexchangesonefinancialasset(1,500sharesofstock)foranother($120,000).Lannigivesafinancialasset($50,000cash)tothebankandgetsbackanotherfinancialasset(itsIOU).Theloanis“destroyed”inthetransaction,sinceitisretiredwhenpaidoffandnolongerexists.3.a.AssetsLiabilities&S
6、hareholders’equityCash$70,000Bankloan$50,000Computers30,000Shareholders’equity50,000Total$100,000Total$100,000Ratioofrealtototalassets=$30,000/$100,000=0.301-b.AssetsLiabilities&Shareholders’equitySoftwareproduct*$70,000Bankloan$50,000Computers30,000Shareholders’eq
7、uity50,000Total$100,000Total$100,000*ValuedatcostRatioofrealtototalassets=$100,000/$100,000=1.0c.AssetsLiabilities&Shareholders’equityMicrosoftshares$120,000Bankloan$50,000Computers30,000Shareholders’equity100,000Total$150,000Total$150,000Ratioofrealtototalassets=$
8、30,000/$150,000=0.20Conclusion:whenthefirmstartsupandraisesworkingcapital,itwillbecharacterizedbyalowratioofrealtototalassets.Whenitisinfullprodu
