Question: * PLEASE SHOW & EXPLAIN ALL WORK * Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits

*** PLEASE SHOW & EXPLAIN ALL WORK ***

Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits that are equal to 30% his salary. Sam wants to begin a consulting firm and decides to leave his current job. After his first year in business, Sam's accountant informed him that he had made $45,000 with his consulting business. Sam also notices that he paid $6,000 for a health insurance policy, which was his total benefit during his first year. What was Sam's opportunity cost?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Please answer the questions below: 1. Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits that are equal to 30% of his salary. Sam wants to begin a...

I need number 2 completed and an explanation because I don't understand it... EXERCISES AND PROBLEMS 1. Carry Yoki's Lounge consists of the following: Carry, the owner, believed that people would...

I need number one completed with an explanation,I don't understand it.. EXERCISES AND PROBLEMS 1. Carry Yoki's Lounge consists of the following: Carry, the owner, believed that people would come to...

Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits that are equal to 30% of his salary. Sam wants to begin a consulting firm and decides to leave his...

Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits that are equal to 30 percent of his salary. Sam wants to begin a consulting firm and decides to...

1.Carol Jones wanted her business to increase sales by 50 percent over the next five years. To do so, she must hire three more people. She wanted to determine how to evaluate these people, so she...

I need number 3 completed and an explanation because I don't understand it... EXERCISES AND PROBLEMS 1. Carry Yoki's Lounge consists of the following: Carry, the owner, believed that people would...

EDMONDS CASEPERSONAL INFORMATION AND BACKGROUND Rick and Cheryl Edmonds live in a cozy neighborhood outside of Harrisburg, Pennsylvania. They married in their mid-30s, when Cheryl moved to the area...

Leggio Inc. issued bonds with a 30-year maturity one year ago. The bonds have a 6% coupon, make one payment per year, and sold at their $1,000 par value at issue because the going market rate at the...

Select all of the following statements that are true? a) The peak loss of ozone in the Antarctic ozone hole occurs in September-October. b) UV radiation reaching the ground at 55 S latitude has...

( Worth 4 Points ) Sackson's Quality ltems, a retal store, is developing a cash budget for December. Sackson's sales in August and Sepwember were $ 3 0 0 , 0 0 0 and $ 1 6 0 , 0 0 0 respectively....

The overall ability of two or more operators to obtain consistent results repeatedly when measuring the same set of parts and using the same measuring equipment is the definition of: repeatability...

Identify the necessary implementation strategies and practices to achieve success.

Discuss the more popular typologies of generic strategies and the various HRM practices associated with each. page 80

List the components of the strategic management process. page 72

Question: *** PLEASE SHOW & EXPLAIN ALL WORK *** Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits

Step by Step Solution

Students Have Also Explored These Related Finance Questions!

Question: * PLEASE SHOW & EXPLAIN ALL WORK * Sam Smith is currently employed as a mechanical engineer and is paid $65,000 per year plus benefits