There are discrepancies between the pay rates of a company and the pay structure in the market when a company sets its pay rates strictly based on a <u>pay policy</u><u> line</u>.
<h3>What is a pay rate?</h3>
A pay rate can be defined as a measure of the amount of money that is being paid by a company to its employees (workers) per period of work or unit of production, which is usually on a hourly, weekly, or monthly basis.
In business management, discrepancies would generally exist between the pay rates of a company and the pay structure in the market when a company sets its pay rates strictly based on a <u>pay policy</u><u> line</u>.
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Answer:
B. We strive to be the worldwide leader in sharing delicious tastes and creating joyful memories
Explanation:
There are two concepts i.e mission and vision. The mission statement is the statement in which it talks about the company goals and objective that represent the present condition of which market should be targeted, its geographical location, etc
While on the other hand the vision statement refers to position of the company in the future. It is always for the long term as it is always thinking for the future where the company what to be.
Based on the above explanation, the option B is correct as it depicts the mission statement.
Answer:
Labor
Explanation:
Factor of production: There are several resources that are required in the process of production or running any business to meet the required goal of the business.
There are four factor of production:
- Land
- Labor
- Capital.
- Entrepreneurship.
In the given case, Matt Newell is an Entrepreneur as he has started a new helicopter tour company, for which he acquired land and capital from the loan, however, he has not to manage labor for his business. Labor is essential to run any business.
Total overhead costs
3000000+1500000=4500000
Total direct labor hours
10000+15000=25000 hours
Predetermined oH rate
4500000÷25000=180
Overhead applied to regular
180×10000 h =1800000...answer
Answer:
Year end journal entries are given below in explanation
Explanation:
a. Company provided service to customer which means that company has earned revenue
Account Dr Cr
Accounts Receivable 2200
Sales/Revenue 2200
b. Wages expense have incurred but are not paid yet. Thus, its Liability should be booked.
Wages Expense 1200
Wages payable / Liability 1200
c. The company has taken loan from the bank. Interest due on the loan is 416 but are not paid yet.
Interest Expense 416
interest Payable 416
d. The company had contract for lawn service. To book the expense of lawn service
Lawn Service Expense 520
Lawn Service Payable 520
e. The company has also made some investment. $ 220 is earned on that investment. to book the non operating income
Interest revenue receivable 220
Interest revenue - Non operating income 220
f. Salaries of Supervisor is due on 31 st December but are not paid yet.
Salaries Expense 920
Salaries payable 920
