Lo20-5 indicate with the appropriate letter the nature of each situation described below: type of change pr change in principle reported retrospectively pp change in principle reported prospectively e change in estimate ep change in estimate resulting from a change in principle r change in reporting entity n not an accounting change 1. change from declining balance depreciation to straight-line 2. change in the estimated useful life of office equipment 3. technological advance that renders worthless a patent with an unamortized cost of $45,000 4. change from determining lower of cost or net realizable value (lcnrv) for the inventories by the individual item approach to the aggregate approach 5. change from lifo inventory costing to the weighted-average inventory costing 6. settling a lawsuit for less than the amount accrued previously as a loss contingency 7. including in the consolidated financial statements a subsidiary acquired several years earlier that was appropriat

What does the phrase limited liability mean in a corporate context?

Consider the local telephone company, a natural monopoly. the following graph shows the monthly demand curve for phone services and the company’s marginal revenue (mr), marginal cost (mc), and average total cost (atc) curves. 0 2 4 6 8 10 12 14 16 18 20 100 90 80 70 60 50 40 30 20 10 0 price (dollars per subscription) quantity (thousands of subscriptions) d mr mc atc 8, 60 suppose that the government has decided not to regulate this industry, and the firm is free to maximize profits, without constraints. complete the first row of the following table. pricing mechanism short run long-run decision quantity price profit (subscriptions) (dollars per subscription) profit maximization marginal-cost pricing average-cost pricing suppose that the government forces the monopolist to set the price equal to marginal cost. complete the second row of the previous table. suppose that the government forces the monopolist to set the price equal to average total cost. complete the third row of the previous table. under average-cost pricing, the government will raise the price of output whenever a firm’s costs increase, and lower the price whenever a firm’s costs decrease. over time, under the average-cost pricing policy, what will the local telephone company most likely do

Portia grant is an employee who is paid monthly. for the month of january of the current year, she earned a total of $8,388. the fica tax for social security is 6.2% of the first $118,500 earned each calendar year and the fica tax rate for medicare is 1.45% of all earnings. the futa tax rate of 0.6% and the suta tax rate of 5.4% are applied to the first $7,000 of an employee's pay. the amount of federal income tax withheld from her earnings was $1,391.77. what is the total amount of taxes withheld from the portia's earnings?