Asked by Nhlanhlo Nhlekza on May 05, 2024
Verified
A company has a profit-sharing plan for each employee according to their job classification. Senior management, supervisors, and other staff, which includes clerical and warehouse workers, split profits in the ratio of 8:5:3. The company has 350 employees including 10 managers and 25 supervisors. For the current year, the profits are $550,000. What shares of the profits will each senior manager, supervisor, and other staff receive?
Profit-Sharing Plan
A retirement plan where companies share a portion of their profits with employees, which is allocated to individual employee retirement accounts.
Job Classification
The categorization of jobs or positions within an organization based on duties, responsibilities, and pay scales.
- Apply ratio and proportion principles to profit sharing and partnership investments.
Verified Answer
AH
Learning Objectives
- Apply ratio and proportion principles to profit sharing and partnership investments.
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