differentiate between piecemeal and time related salary determination methods​

Answer:

See below

Explanation:

1. The piecemeal pay method compensates worked based on the quantity of output produced while the time method rewards workers based on the time spent in producing the output. The piecemeal rate system pays per unit of production. The time rate system pays per the number of hours worked.

2. The piecemeal rate system emphasizes the quantity of output compared to the time rate system that focuses on the quality of output.

3.The piecemeal system recognizes and rewards more to efficient and skilled employees, but the time rate system tends to compensate employees in the same cadre equal amounts.

Here, we are required to differentiate between piecemeal and time related salary determination methods.

In Piecemeal salary determination methods, Workers are paid according to the number of products/units produced/action performed while in Time-related salary determination methods, workers are paid in accordance to the amount of time they spend at work/on a task or on the job.

In piecemeal salary determination methods, workers are not remunerated (i.e not paid for work or service) for the number of hours worked, regardless of how long it took to complete the task at hand while in Time-related salary determination methods, orkers with the same experience/qualifications are paid on salary scales regardless of the amount of work done.

Piecemeal salary determination method is mostly used in factories particularly in the textile/technology industries where the labor force is unskilled or sometimes semi-skilled. while Time-related salary determination method is used in many private and public sector businesses as majority of the labor force are skilled.

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Cost of goods sold 350,000
Selling and administrative expenses 125,000
Gain on sale of plant assets 75,000
Unrealized gain on available-for-sale investments
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Interest expense 15,000
Loss on discontinued operations 30,000
Allocation to noncontrolling interest 100,000
Dividends declared and paid 12,000

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Cost of goods sold 350,000
Gross profit 425,000
Selling administrative expenses 125,000
Income from operations 300,000 (a)
Other revenues and gains
Gain on sale of plant assets 75,000
Other expenses and losses
Income before other expenses and losses 375,000
Interest expense 15,000
Income from continuing operations 360,000
Loss on discontinued operations (30,000)
Net Income 330,000 (b)
Allocation to noncontrolling interest (100,000)
Net income attributable to controlling shareholders $230,000 (c)

Net income $330,000
Unrealized gain on available-for-sale investments 25,000
Comprehensive income $355,000 (d)

Net income $330,000
Dividends (12,000)
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