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xenn [34]
2 years ago
13

Explain the shift from artisan to factory worker, and discuss the factory system. What were the advantages and disadvantages

Business
1 answer:
Lerok [7]2 years ago
8 0

<u>Explanation:</u>

Note that an artisan is a person who uses his craftsmanship or craftswomanship to create products on a small scale that provide a small source of income. This shift occurred back in history during the Industrial Revolution which brought about so many inventions leading to a change in the production process.  As the production process became more and more automated, former artisans became factory workers.

<u>Advantages:</u>

  1. artisans were introduced into using efficient production equipment.
  2. artisans earned paid employment

<u>Disadvantages:</u>

  1. remaining artisan workers could no longer compete becauseof the mass production ongiong in factories.
  2. factories became less concerned about the quality of goods, but of quantity.
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3 years ago
Prepare a 2018 balance sheet for Rogers Corp. based on the following information: Cash = $250,000; Patents and copyrights = $720
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Answer:

Common stock balance= $1,039,000

Explanation:

A balance sheet can be described as a financial statement that presents the assets, liabilities and shareholders' equity of a company.

Common stock refers to the security such shares that represents ownership in a company.

In order to determine the common stock account balance for Rogers Corp., its balance sheet is first prepared as follows:

Rogers Corp.

Balance Sheet

For the year 2018

<u>Particulars                                              $                         $             </u>

Intangible Assets:

Patents and copyrights                                                720,000

Tangible Assets:

Net fixed assets                                                         3,400,000

Current Assets:

Cash                                                   250,000

Accounts receivable                          129,000

Inventory                                        <u>    345,000  </u>

Total Current Assets                         724,000

Current Liabilities:

Accounts payable                            (530,000)

Notes payable                              <u>    (190,000)  </u>

Working Capital                                                                4,000

Long-term Liabilities:

Long-term debt                                                        <u>  (1,830,000) </u>

Net Total Assets                                                      <u>   2,294,000  </u>

Financed by:

Common stock (w.1)                                                   1,039,000

Accumulated retained earnings                            <u>    1,255,000   </u>

Owners' Equity                                                     <u>     2,294,000   </u>

Workings:

w.1: Common stock balance = Net total assets - Accumulated retained earnings = $2,294,000 - $1,255,000 = $1,039,000

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