Answer:
Generally speaking, there are five functions of Management. They are:
- Setting Objectives
- Planning
- Execution
- Measurement
- Control
The two functions of management identifiable from the passage are:
- The setting of Objectives and
- Control
Explanation:
Objectives in business are multilateral in nature. They speak to
- Identifying where the company wants to go
- How the company is going to get there
- Who the company will need to get there and
- What the company will need to get there
In the passage above, the company via it's general manager is defining clearly those the company will need and what each person's role is in helping to achieve such objectives
It is not the responsibility of the employee to define his or her own job or objectives. It is the responsibility of Management.
With regard to the second function which we will identify as Control, when management admits employees, there has to be structure otherwise there would be chaos.
It is the function of management to clearly define reporting lines. Who reports to whom? Who is responsible for overseeing who? Who will lead what team? etc.
We see from the passage that the general manager distributed jobs according to each employees ability. And in doing so also defined reporting lines.
This is an example of the Control function of management.
Cheers!
Answer
Debit Accounts receivable $4,200
Credit Revenue account $3,870.97
Credit State Sales tax payable $232.26
Credit local Sales tax payable $96.77
Explanation:
When revenue is earned but cash is yet to be received and sales tax are to be accounted for at 8.5%, the entries required are;
Debit Accounts receivable 108.5%
Credit Revenue account 100%
Credit Sales tax payable 8.5%
Given that the sales tax amount is in addition to the credit sale amount, let the sales revenue be R
6% * R + 2.5% * R + R = $4,200
1.085R = $4200
R = $3870.97
States tax = 6% * $3870.97
=$232.26
Local tax = 2.5% * $3870.97
= $96.77
Answer:
The one time fee that the owner should charge is $1764.71
Explanation:
To calculate the one time fee, we take this as a perpetuity and calculate the value or price of the perpetuity based on the fututre cash flows discounted to today's price by a certain dicount rate.
The discount rate is taken as 8.5% which is also the market interests rate.
The formula for the value/price of the perpetuity is,
Value / Price = Cash flow / Discount rate
Value / Price = 150 / 0.085
Value / Price = $1764.705 rounded off to $1764.71
There are video tutorials online. It might be a lot easier to understand it if you see it, rather than read it. Hope this helps! :)
<span>To find overall assessment of company's strength below steps are followed:
1. Evaluating how well the strategy is working
2. Scanning the environment to determine a company's best and most profitable customers
3. Assessing whether the company's costs and prices are competitive
3. Evaluating whether the company is competitively stronger or weaker than key rivals
5. Pinpointing what strategic issues and problems merit front-burner management attention</span>
