Correct calculation for voltage drop of transistor
For the circuit you show, 0.7 only applies the base-emitter junction. The emitter-collector junction will attempt to affect current, rather than voltage.

So, the base current will be (3.3 - 0.7)/500, or 5.2 mA.

Calculating the collector current is harder. You must assume a value for the current gain, hfe or beta. Let's start by assuming an hfe of 100, which is a decent starting value for small-signal transistors.

5.2 mA times 100 is .52 amps. If this were true, the voltage across R1 would be .52 times 50, or 26 volts. And this obviously won't happen.

So it's likely that the transistor is not operating in the linear region, but is close to saturation. (The difference between linear and saturated operation is determined by whether the collector-emitter voltage is greater or less than the base-emitter voltage.) A good rule of thumb is that, in saturation, the gain of the transistor is less than 10 or 20, and the collector-emitter voltage will be in the range of 0.2 to 0.3 volts

Let's try 20. Then the current is .104 mA, and the voltage across R1 will be 5 volts. This is consistent with the circuit, and is a reasonable solution. The exact collector-emitter voltage cannot be determined easily, but in general the details won't matter. The current through R1 will be a bit less than 100 mA, and the voltage across the transistor will be about 0.2 to 0.3 volts.