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3 years ago

Differentiate between piecemeal and time related salary determination methods

Business

1 answer:

alukav5142 [94]3 years ago

3 0

Answer:

See below

Explanation:

1. The piecemeal pay method compensates worked based on the quantity of output produced while the time method rewards workers based on the time spent in producing the output. The piecemeal rate system pays per unit of production. The time rate system pays per the number of hours worked.

2. The piecemeal rate system emphasizes the quantity of output compared to the time rate system that focuses on the quality of output.

3.The piecemeal system recognizes and rewards more to efficient and skilled employees, but the time rate system tends to compensate employees in the same cadre equal amounts.

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3 years ago

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4 years ago

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3 years ago

On January 1, Year 1, Barnes Company issued a $100,000 installment note. The note had a 10-year term and an 8 percent interest r

Olenka [21]

Answer:

The multiple choices are as follows:

a. $100,000

b. $92,000

c. $93,097

d. $96,903

The correct option is C,$93,097

Explanation:

The principal balance of the note on January 1 year 2 is computed by first of all adding the first year interest to principal amount of $100,000 then deducting the annual principal and interest repayment of $14,903.

Find the computation below:

Opening balance of the note in year 2=$100,000+($100,000*8%)-$14,903

=$100,000+$8,000-$14,903

=$93,097

The opening balance in year 2 is $93,097

Option A is wrong because $100,000 was initial amount of the note.hence no repayment and interest have been considered.

Option B is also incorrect because $92,000 means $100,000 minus the interest on the note,whereas the interest should have been added.

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3 years ago

Read 2 more answers

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Answer:

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3 years ago

Differentiate between piecemeal and time related salary determination methods​

Differentiate between piecemeal and time related salary determination methods