Answer:
The given system of payment is Piece-rate system.
Explanation:
Piece rate system is the one in which employee is paid according to the per creation he does. Worker is paid by each output he produces irrespective oft he time. This output can be that of a clay pot or a piece of writing.
Oliver pays his workers according to the output they produce. If they produce more than 25 watches, he gives them additional money.
This system is beneficial for both workers and employers. Employers may come up with attractive schemes to pay to employees and they motivated to work more.
Answer:
The Journal entries are as follows:
(i) On April 1,
Legal fees expenses A/c Dr.$2,000
To Legal fees payable $2,000
(To record the legal fees expenses)
(ii) On May 12,
Legal fees payable A/c Dr. $2,000
To Cash A/c $2,000
(To record the payment of legal fees)
When Men's Wearhouse fired a salesperson who wasn't sharing walk-in customer traffic, and total clothing sales volume among all salespeople increased significantly, the company reduced destructive internal competition.
<h3>What is a destructive competition?</h3>
- Multiple producers being driven out of the market by competition.
- When there are numerous manufacturers of a good, prices are frequently driven down to the point that nobody makes a profit, which is when destructive competition takes place.
<h3>What do you mean by internal competition?</h3>
- The aforementioned components are the foundation of our concept of internal competition, which is senior management-sanctioned duplication or overlap of activity within the firm's boundaries in an effort to resolve market or technology uncertainties.
<h3>Is competition is constructive or destructive?</h3>
- However, competition can really be divided into two types: healthy competition and unhealthy competition.
- Two competitors may work better together or may just cause mutual stress, similar to waves crashing into one another to create a larger wave.
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Answer:
The company’s cash flows from operating activities was a cash inflow of $5,000
Explanation:
Cash at the end of the year = Cash at the beginning of the year + Net cash inflows from investing activities + Net cash inflows from financing activities + Net cash inflows from operating activities
Therefore,
Net cash inflows from operating activities = Cash at the beginning of the year + Net cash inflows from investing activities + Net cash inflows from financing activities - Cash at the end of the year = $340,000 + $40,000 + $45,000 - $420,000 = $5,000 >0
The company’s cash flows from operating activities was a cash inflow of $5,000
The future value for annuity is $3030.
<h3>What is future value of an annuity?</h3>
The worth of a series of recurrent payments at a specific future date, assuming a specific rate of return, and discount rate, is the future value of the annuity. The future value of the annuity increases with the discount rate.
Some key features of future value of annuity are-
- A approach to determine how much money a stream of payments will be worth at some future date is to determine future value of an annuity.
- A present value of an annuity, on the other hand, calculates how much cash will be needed to provide a series of future payments.
- Payments are made in a typical annuity at the conclusion of each predetermined time frame.
- Payments are made at the start of each period in an annuity payable.
The formula for future value of annuity are-
F.V = P×
F.V = future value of annuity
P = Initial deposit; $1,000
r = rate of interest; 10%
Substitute the given values in the formula;
F.V = 1,000×
= 1,000×3.03
F.V = 3030
Therefore, the future value of the annuity of the deposited amount of $1,000 is $3030.
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