A Business Hired a Repair Service to Overhaul Its Plumbing

question 32

Essay

A business hired a repair service to overhaul its plumbing system.The repair service began work on September 15 and completed it on October 15.The business agreed to pay the service $4,000 when the work was completed.As of September 30,the work was 50% complete,and the business made an adjusting entry to accrue repair expense as of the end of September.On October 15,the work was completed,and the repair service was paid in full.Provide the journal entry for the cash payment on October 15.(Ignore explanation).

Understand the assumptions and limitations of cost-volume-profit analysis.

Understand the basic principles and applications of cost-volume-profit (CVP) analysis.

Identify and calculate break-even points in units and dollars.

Calculate margin of safety and understand its significance.

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Definitions:

Extrinsic Rewards

Rewards from an external source, often used as incentives or compensation for certain actions or behaviors.

Demotivate People

Actions or conditions that lead to a decrease in an individual's motivation, enthusiasm, or willingness to engage in activities or achieve goals.

Job Characteristics Model

A framework suggesting that job design should consider five core dimensions (skill variety, task identity, task significance, autonomy, and feedback) to enhance employee motivation, satisfaction, and performance.

Freedom

The power or right to act, speak, or think as one wants without hindrance or restraint.