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Zarrin [17]
1 year ago
7

If the performance evaluations that salespeople receive are based solely on sales revenue to the exclusion of other important fa

ctors, the performance management system suffers from: a. organizational politics. b. lack of reliability. c. criterion deficiency. d. criterion contamination.
Business
1 answer:
babunello [35]1 year ago
8 0

Answer:

c. criterion deficiency

Explanation:

Based on the information provided within the question it can be said that in this scenario it seems that the performance management system suffers from Criterion deficiency. This term refers to a company failing to assess one or more very important aspects of the process of job performance appraisal for employees within the company. Such as is the case in this scenario as the company is only looking at the sales revenue and completely ignoring all of the other important factors.

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The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:
joja [24]

Answer:

1. $513,000

2. $913,200

3. $926,400

4. $154,420

5.11340 Units

Explanation:

1. Calculation for Lone Oak’s manufacturing overhead for the year.

Manufacturing overhead

Indirect labor 109,000

Building depreciation (80000*75%) 60,000

Other factory cost 344,000

Manufacturing overhead $513,000

2. Calculation for Lone Oak’s cost of goods manufactured.

First step is to calculate the Direct material used

Direct material used = 15,800+175000-18200

Direct material used= 172,600

Second step is to calculate the Total manufacturing cost

Total manufacturing cost = 172,600+254,000+513,000

Total manufacturing cost= 939,600

Now let calculate the Cost of goods manufactured

Cost of goods manufactured = 35,700+939,600-62100

Cost of goods manufactured = $913,200

3. Compution for the company’s cost of goods sold.

Cost of goods sold = 111100+913,200-97900

Cost of goods sold = $926,400

4. Calculation to Determine net income for 20x1, assuming a 30% income tax rate.

Net income :

Sales 1495000

Cost of goods sold -926,400

Gross profit 568,609

Selling and administrative expense (133000+20000+195000) 348000

Profit 220,600

Tax 30% 66,180

Net income $154,420

(220,600-66,180)

(25%*80,000=20,000)

5. Calculation to Determine the number of completed units manufactured during theyear.

No of unit completed = 1190+(1,495,000/$130 per unit)-1350

No of unit completed =1190+11500-1350

No of unit completed = 11340 Units

7 0
1 year ago
Within her company, maria utilizes a management style that varies according to the individual and environmental situation, with
elixir [45]
Acoording to the information provided above, I'm definitely sure that M<span>aria’s management perspective is best described as </span>contemporary. Her strategy is called quality control.
5 0
1 year ago
Read 2 more answers
Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic rec
WITCHER [35]

Answer:

Assume the note indicates that Seneca is to pay Arctic the $39,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 39,700

    Cr Sales revenue 36,759.26

   Cr Discount on notes receivable 2,940.74

Discount on notes receivable is a contra asset account that decreases the net amount of notes receivable.

Assume the same facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021.

Dr Cash 39,700

    Cr Notes receivable 36,759.26

    Cr Interest revenue 2,940.74

Assume instead that Seneca is to pay Arctic the $39,700 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 39,700

   Cr Sales revenue 34,036.35

   Cr Discount on notes receivable 5,663.65

Discount on notes receivable is a contra asset account that decreases the net amount of notes receivable.

Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $39,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021.

Dr Notes receivable 33,900

    Cr Sales revenue 33,900

Explanation:

Non interest bearing notes must be recorded at present value, so we need to determine the present value of the payment:

Payment due December 21, 2021, PV = $39,700 / (1 + 8%) = $36,759.26

Payment due December 21, 2022, PV = $39,700 / (1 + 8%)² = $34,036.35

We use the discount on notes receivable account (contra asset account) to decrease the net value of notes receivable.

8 0
2 years ago
An electronics firm is considering how best to supply the world market for microprocessors used in consumer and industrial elect
nadezda [96]

Answer:

Explanation:

The total value of the world market for this product, over the next 10 yes is minimum of 10 billion dollars.

In a year, this will be 1 billion dollars

To start the manufacturing, a plant worth 500 million dollars has to be erected. This is half of a billion, meaning that the company will make total revenue of 1 billion and have total cost of at least half a billion, in a year.

So the company's yearly profit will be equal to the amount used to erect a manufacturing plant

But hey, the company will pay workers and its workers are highly skilled (will deserve a high pay for their skills) so the company won't even make up to the above calculated profit in a year!

Now, owing to this situation - the situation whereby the expected revenue for the product is not so much above the cost of production - we prescribe CONCENTRATED or CENTRALIZED MANUFACTURING.

This is a case where just a single plant or manufacturing facility will be used to produce the microprocessors. Since the company is virtually just starting out, starting with one plant will be better for them. The customization of their product will be efficient here, as opposed to Decentralized manufacturing (where they'll use a number of plants).

Also, centralized/concentrated manufacturing reduces production cost per unit of the good.

The cost of production is also relatively lower and there is almost no leakage in the utility of resources at the plant because that is the only plant the company has. There'll b maximum utility of facilities and resources.

(B) What kind of locations should the firm favour for its plants??

Here, we consider the fact that the prevailing tariffs in this industry are currently low.

This means that we can focus on other things like:

Nearness of the plant to source of raw materials

Nearness to the required kind of labour (highly skilled labour)

Proximity to consumers (those who purchase the product)

Of these and more factors, I prescribe nearness to highly skilled labour. If raw materials also happen to be in the same region as the required workforce, that is a plus to the company.

The company will hence be better of with a Concentrated manufacturing strategy and a location that favours lower cost of factors of production (land, labour, capital, entrepreneurship)

6 0
1 year ago
On January 1, Butte Company's valuation allowance for trading investments account has a debit balance of $23,200. On December 31
bulgar [2K]

Answer:

The gain of $18000 would be reported in income statement

Explanation:

At each reporting date, the investment needs to be recorded at fair value to reflect current market prices and realities.

As a result,the fair value increase in investment of $18000 (fair value less costs) would be shown in income statement as unrealized gain on investment since the investment has not been disposed of.

Under IFRS for instance the gain would be shown under other comprehensive in order to emphasis its unrealized nature.

7 0
1 year ago
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