Using the point method of job evaluation requires that managers
A. employ either a standardized program or customize a point method to fit their particular jobs.
B. compare the job descriptions against the various factor-degree descriptions.
C. link point totals to the wage curve.
D. rank jobs by compensable factors.
Answer: B
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Spice Company issued $200,000 of 10 percent first mortgage bonds on January 1, 20X4, at 105. The bonds mature in 10 years and pay interest semiannually on January 1 and July 1. Pumpkin Corporation purchased $140,000 of Spice's bonds from the original purchaser on January 1, 20X8, for $122,000. Pumpkin owns 75 percent of Spice's voting common stock.Based on the information given above, what amount of gain or loss on bond retirement will be reported in the 20X8 consolidated financial statements?
A. $22,200 B. $17,000 C. $12,800 D. $18,500
A question of ethics
In 1990, American Design Properties, Inc (ADP), leased premises at 8604 Olive Boulevard in St. Louis County, Missouri. Under the lease agreement, ADP had the right to terminate the lease on 120 days' written notice, but it did not have the right to sublease the premises without the lessor's (landowner's) consent. ADP had no bank account, no employees, and no money. ADP had never filed an income tax return or held a directors' or shareholders' meeting. In fact, ADP's only business was to collect and pay the exact amount of rent due under the lease. American Design Group, Inc (ADG), a wholesale distributor of jewelry and other merchandise, actually occupied 8604 Olive Boulevard. J. H. Blum owned ADG and was an officer and director of both ADG and ADP. Blum's husband, Marvin, was an officer of ADG and signed the lease as an officer of ADP. Marvin's former son-in-law, Matthew Smith, was a salaried employee of ADG, an officer of ADG, and an officer and director of ADP. In 1995, Nusrala Four, Inc (later known as Real Estate Investors Four, Inc), purchased the property at 8604 Olive Boulevard and became the lessor. No one told Nusrala that ADG was the occupant of the premises leased by ADP. ADP continued to pay the rent until November 1998 when Smith paid with a check drawn on ADG's account. No more payments were made. On February 26, 1999, Marvin sent Nusrala a note that read, "We have vacated the property at 8604 Olive," which, Nusrala discovered, had been damaged. Nusrala filed a suit in a Missouri state court against ADG and ADP, seeking payment for the damage. In view of these facts, consider the following questions.
Shimko Corporation's most recent comparative balance sheet and income statement appear below:Comparative Balance Sheet Ending BalanceBeginning BalanceAssets: Cash and cash equivalents$37 $32 Accounts receivable 34 32 Inventory 59 55 Property, plant and equipment 447 390 Less accumulated depreciation 212 188 Total assets$ 365 $ 321 Liabilities and stockholders' equity: Accounts payable$37 $32 Bonds payable 217 270 Common stock 21 20 Retained earnings 90 (1)Total liabilities and equity$ 365 $ 321 Income StatementSales$ 891Cost of goods sold 539Gross margin352Selling and administrative expense 195Net operating income157Income taxes 47Net income$ 110The company paid a cash dividend of $19 and it did not dispose
of any property, plant, and equipment. The company did not issue any bonds payable or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.The net cash provided by (used in) investing activities for the year was: A. $33 B. $57 C. $(33) D. $(57)
Samberg Inc. had the following transactions.Oct. 1 - Sold $10,000 of merchandise on account, 1/10, n/30 to McCormick Industries. Nov. 1 - Received a $10,000, 90-day, 10% note from McCormick Industries to settle its $10,000 unpaid balance. Dec. 31 - Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) Jan. 31 - Received the interest on the note's maturity date. Jan. 31 - Received the principal on the note's maturity date. (Round your answer to the nearest whole dollar amount.) Required:Prepare the required journal entries.
What will be an ideal response?