Mini-Case 17-4: Plumbers Don't Want Recognition

question 3

Essay

Mini-Case 17-4: Plumbers Don't Want Recognition
"If I ever went out to those guys and asked them if they wanted a little more recognition, they would laugh me out of the shop. People work for money." Norm Schultz had been a plumber himself for 18 years before he saved enough money to open a small plumbing contractor business. The men who worked for Norm knew what was expected of them - a fair day's work for a fair day's pay. "You don't need to tell a person that he or she is doing a good job; the person is either doing the work or not working for me!"
Norm's son-in-law was taking a management course at a local college. When Norm asked him what he was learning in class, he told him the management of people. Norm was very emphatic about managing the plumbers who worked for him. "Tell an employee what you expect from the beginning. Watch to see if they perform the job properly. Treat your people fairly and never cheat them." Norm went on to tell his son-in-law that this was the way good managers did things. "Recognition won't put bread on the table."
-Would you like working for Norm? Why or why not?

Account for warranty and vacation pay expenses in financial statements.

Understand the implications of funded, partially funded, or unfunded pension liabilities on financial statements.

Apply the matching concept in accounting for product warranties.

Understand the calculation and meaning of financial ratios, specifically the quick ratio.

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Definitions:

Toughlove

is an approach to parenting that emphasizes stern guidance combined with strong, unconditional love to instill discipline and responsible behavior in children.

"Rock-bottom" Groups

Indicates groups of individuals at the lowest possible point or level, often referring to socio-economic status or psychological well-being.

Ex-drug Addicts

Individuals who have successfully ceased the use of addictive drugs and are in the process of recovery from addiction.

Alcoholics Anonymous

A self-help group dedicated to supporting individuals in achieving and maintaining sobriety from alcohol.