Accounting Questions

Due to an oversight, a company made no adjusting entry for accrued and unpaid employee wages of $24,000 on December 31.This oversight would: a. Understate net income by $24,000. b. Overstate net income by $24,000. c. Have no effect on net income. d. Overstate assets by $24,000. e. Understate assets by $24,000. Five If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: a. Debit Cash and credit Legal Fees Earned. b. Debit Cash an... click for more

Becker theorem

Using a "time + money" activity perspective, what are some of the changes you might anticipate from each of the following trends: a. The impact on Internet usage patterns as more of the world's Internet users coming from lower-income developing countries such as India, China, and Brazil? b.The impact of rising broadband adoption in the U.S. on the sales of Tower Records? c.The impact on other Internet usage and other media consumption from the development of even more captivating multi-person online games? Can you please go over it with the Becker theory?

Review 7 important concepts...

I would like to get some study material that can help me understand the following concepts: 1. Sequential monopoly 2. Congestion pricing 3. Peak-pricing 4. horsky model 5. lifetime value 6. Switching costs and lock-in 7. Network effects I cannot find the right book that explains these things. Please let me know the right book or please give me some notes if you have or some links.

5 Problems

(See attached file for full problem descriptions) --- 1. Sam's utility function... 2. Use standard economic reasoning... 3. How does a class action differ... 4. Suppose a potential injurer... 5. Suppose that when injurers are sued... ---

Whether or not to continue operating at a loss?

You've been hired by an unprofitable firm to determine whether it should shut down its unprofitable operation. The firm currently uses 70 workers to produce 300 units of output per day. The daily wage (per worker) is $100, and the price of the firm's output is $30. The cost of other variable inputs is $500 per day. Although you don't know the firm's fixed cost, you know that it is high enough that the firm's total costs exceed its total revenue. Provide a 1-2 page report to management of the firm as to whether or not it should continue to operate at a loss? Be sure to show your work to support the decision you outlined in your report.