Forcing local and expatriate workers in Oman to go on unpaid leave during the current COVID-19 situation to avoid paying them their salaries is a violation, the General Federation of Oman Workers has said.
The federation said so after receiving 30 reports of violations of workers’ rights in just five days. These violations concerned the deduction of wages, forcing workers to leave on unpaid vacation, and companies failing to reduce the number of employees present at a place of work.
The federation said in a statement, "The number of violations observed is constantly increasing and does deal with a number of humanitarian aspects of the expatriate workforce, some of which are related to the minimum requirements for living, such as the availability of adequate housing, food and the payment of wages."
In addition to the above, the General Federation of Oman Workers observed that the days workers spent at home under quarantine were being deducted from those allocated towards their annual leave, a practice that also constituted a violation.
“Private sector institutions need to exert more effort to protect the national and expatriate workforce and commit to paying their wages, as well as ensure the availability of the necessary health standards at their workplace and residences,” said the GFOW. “There is the need to make them aware of the precautionary measures issued by the competent authorities.”
“The federation will continue to monitor violations of the rights of the national and expatriate workforce in the private sector, and those violations will be dealt with in coordination with the competent authorities," added the organization.
Source: Times of Oman, 12April 2020.
Accessed from: https://timesofoman.com/article/3013669/oman/government/forcing-workers-to-takeunpaid-leave-considered-a-violation
REQUIRED: If you were a Costing manager of a private company, what strategy would you adopt for the present Covid-19 situation regarding the costing of wage, by considering both company and General Federation of Oman Workers aspects? Explain in detail.
In: Accounting
You made the following transactions for Floral & Fauna Landscaping during the month of July:
July 1 You deposited $25,000 in a bank account in the name of the business.
1 You invested your personal gardening equipment, with a fair market value of $1,500, in the business.
6 Bought a used trailer on account from Trailers R Us , $800, Inv. #286.
7 Paid the rent for July, $1485, Ck. # 1000.
8 Bought a used backhoe from Deere Equipment, $8,500, paying $4,000 in cash and placing the balance on account, Inv. #3562, Ck. # 1001.
10 Bought liability insurance for one year, $2,400, Ck. #1002.
11 Sold landscaping services on account to Bel-Red Business Park, $2,225, Inv. #100.
15 Bought supplies on account from Garden Suppliers, Inc., $1,585, Inv. #6283.
16 Sold landscaping services on account to Phylla Dendron, $1,850, Inv. #101.
18 Received and paid the bill from Gas To Go for gas and oil for the equipment, $95, Ck. #1003.
19 Sold landscaping services for cash to A Chinzy Company, $1,978, Inv. #102.
20 Paid on account to Trailers R Us, $600, Inv. #286, Ck #1004.
21 Received on account from Bel-Red Business Park, $725, Inv. 100.
22 Sold landscaping services on account to Bonsai, Inc.,$1,626, Inv. #103.
25 Received and paid the utility bill, $184, Ck. #1005.
30 Paid salaries of the employees, $3,000, Ck. #1006.
31 You withdrew cash for your personal use, $1,500, Ck. #1007.
In: Accounting
Honicker Corporation was well-recognized as a high-quality manufacturer of dashboards for automobiles and trucks. Although it serviced mainly U.S. automotive and truck manufacturers, the opportunity to expand to a worldwide supplier was quite apparent. Its reputation was well-known worldwide but it was plagued for years with ultraconservative senior management leadership that prevented growth into the international marketplace.
When the new management team came on board in 2009, the conservatism disappeared. Honicker was cash-rich, had large borrowing power and lines of credit with financial institutions, and received an AA- quality rating on its small amount of corporate debt. Rather than expand by building manufacturing facilities in various countries, Honicker decided to go the fast route by acquiring four companies around the world: Alpha, Beta, Gamma, and Delta Companies.
Each of the four acquired companies serviced mainly its own geographical areas. The senior management team in each of the four companies knew the culture in their geographic areas and had a good reputation with their clients and local stakeholders. The decision was made by Honicker to leave each company’s senior management teams intact provided that the necessary changes, as established by corporate, could be implemented.
Honicker wanted each company to have the manufacturing capability to supply parts to any Honicker client worldwide. But doing this was easier said than done. Honicker had an enterprise project management methodology (EPM) that worked well. Honicker understood project management and so did the majority of Honicker’s clients and stakeholders in the United States. Honicker recognized that the biggest challenge would be to get all of the divisions at the same level of project management maturity and using the same corporatewide EPM system or a modified version of it. It was expected that each of the four acquired companies may want some changes to be made.
The four acquired divisions were all at different levels of project management maturity. Alpha did have an EPM system and believed that its approach to project management was superior to the one that Honicker was using. Beta Company was just beginning to learn project management but did not have any formal EPM system although it did have a few project management templates that were being used for status reporting to its customers. Gamma and Delta Companies were clueless about project management.
To make matters worse, laws in each of the countries where the acquired companies were located created other stakeholders that had to be serviced, and all of these stakeholders were at different levels of project management maturity. In some countries, government stakeholders were actively involved because of employment and procurement laws whereas in other countries government stakeholders were passive participants unless health, safety, or environmental laws were broken.
It would certainly be a formidable task developing an EPM system that would satisfy all of the newly acquired companies, their clients, and their stakeholders.
ESTABLISHING THE TEAM
Honicker knew that there would be significant challenges in getting a project management agreement in a short amount of time. Honicker also knew that there is never an acquisition of equals; there is always a “landlord” and “tenants,” and Honicker is the landlord. But acting as a landlord and exerting influence in the process could alienate some of the acquired companies and do more harm than good. Honicker’s approach was to treat this as a project, and each company, along with its clients and local stakeholders, would be treated as project stakeholders. Using stakeholder relations management practices would be essential to getting an agreement on the project management approach.
Honicker requested that each company assign three people to the project management implementation team that would be headed up by Honicker personnel. The ideal team member, as suggested by Honicker, would have some knowledge and/or experience in project management and be authorized by their senior levels of management to make decisions for their company. The representatives should also
understand the stakeholder needs from their clients and local stakeholders. Honicker wanted an understanding to be reached as early as possible that each company would agree to use the methodology that was finally decided upon by the team.
Senior management in each of the four companies sent a letter of understanding to Honicker promising to assign the most qualified personnel and agree- ing to use the methodology that was agreed upon. Each stated that their company understood the importance of this project.
The first part of the project would be to come to an agreement on the methodology. The second part of the project would be to invite clients and stakeholders to see the methodology and provide feedback. This was essential since the clients and stakeholders would eventually be interfacing with the methodology.
KICKOFF MEETING
Honicker had hoped that the team could come to an agreement on a companywide EPM system within six months. But after the kickoff meeting was over, Honicker realized that it would probably be two years before an agreement would be reached on the EPM system. There were several issues that became apparent at the first meeting:
● Each company had different time requirements for the project.
● Each company saw the importance of the project differently.
● Each company had its own culture and wanted to be sure that the final design was good fit with that culture.
● Each company saw the status and power of the project manager differently.
● Despite the letters of understanding, two of the companies, Gamma and Delta, did not understand their role and relationship with Honicker on this project.
● Alpha wanted to micromanage the project, believing that everyone should use its methodology.
Senior management at Honicker asked the Honicker representatives at the kickoff meeting to prepare a confidential memo on their opinion of the first meeting with the team. The Honicker personnel prepared a memo including the following comments:
● Not all of the representatives at the meeting openly expressed their true feelings about the project.
● It was quite apparent that some of the companies would like to see the project fail.
● Some of the companies were afraid that the implementation of the new EPM system would result in a shift in power and authority.
● Some people were afraid that the new EPM system would show that fewer resources were needed in the functional organization, thus causing a downsizing of personnel and a reduction in bonuses that were currently based upon headcount in functional groups.
● Some seemed apprehensive that the implementation of the new system would cause a change in the company’s culture and working relationships with their clients.
● Some seemed afraid of learning a new system and being pressured into using it.
It was obvious that this would be no easy task. Honicker had to get to know all companies better and understand their needs and expectations. Honicker management had to show them that their opinion was of value and find ways to win their support.
The question is:
What if all four companies agree to the project management methodology and then some of the client stakeholders show a lack of support for use of the methodology?
In: Operations Management
What would you recommend to the CEO and Board as to how to more fully apply a population health model and positively impact the health of the community and control costs at the same time (The Triple Aim)?
In: Nursing
In: Nursing
“The resignation of the CEO and Senior Executives at Rio Tinto is merely symbolic - nothing will change in the organisation”.
Do you agree with this assessment?
Use systems thinking to explain your answer. (250 words)
In: Accounting
Assume you are the CEO at Nike. What challenges do you see ahead for Nike as they try to regain corporate responsibility? What should be done to ensure that Nike is able to overcome these challenges?
In: Operations Management
Imagine you are the head accountant for GE Corp located in Wisconsin. In November 2017, that state had the second highest unemployment rate in the Midwest: 4.9% (down from 6.1% in January 2015). For the past few years, you have noticed that the company’s bad debt rate has been about 7% of year-end accounts receivable. That rate of bad debts has severely affected the company’s profitability…especially since management has steadily been lowering the standards for granting credit to customers.
Your salary structure (as well as that of other corporate managers) allows for a bonus when net income is equal to or greater than a specific percentage of net sales. Unfortunately, that profit metric has not been reached in four years. However, the CEO and CFO (who is retiring after the first quarter of 2018) realized that a change in the bad debts percentage would allow them and you to obtain bonuses in 2017. If bad debts were computed at 2% of year-end A/R rather than 7%, everyone would receive a reasonable (but not extreme) bonus for 2017. The CEO justifies the use of that rate by concluding that, since unemployment in Illinois has been decreasing over the past few years, so will bad debts.
a. Is a change in a bad debts estimate permissible under generally accepted accounting principles? If yes, explain how such a change is effected. If no, explain why such a change would not be allowed
b. Would making such a change in the bad debts estimate violate any basic accounting concepts? Explain your yes or no answer
c. Provide at least two alternatives to help improve the company’s profit performance.
d. You have a new baby at home as of September 2017. The bonus would help with the added expenses. Additionally, you are up for promotion to CFO next year upon the retirement of the current CFO; allowing the current CEO and CFO to receive their bonuses would certainly bring positive recommendations for that new position.
1. Is reducing the bad debts estimate illegal? Explain.
2. Is reducing the bad debts estimate unethical, given the CEO’s justification? Explain.
e. Assume that the CEO and CFO are very adamant that the bad debts percentage be reduced in 2017 to 2% of year-end receivables. The 5% difference is not material to the financial statements. You believe that you will be terminated if you don’t make this adjustment. What should you consider in making your decision?
In: Accounting
At January 1, 2020, Splish Company’s outstanding shares included the following.
259,000 shares of $50 par value, 7% cumulative preferred stock
974,000 shares of $1 par value common stock
Net income for 2020 was $2,570,000. No cash dividends were declared or paid during 2020. On February 15, 2021, however, all preferred dividends in arrears were paid, together with a 5% stock dividend on common shares. There were no dividends in arrears prior to 2020.
On April 1, 2020, 454,000 shares of common stock were sold for $10 per share, and on October 1, 2020, 112,000 shares of common stock were purchased for $21 per share and held as treasury stock.
Compute earnings per share for 2020. Assume that financial statements for 2020 were issued in March 2021. (Round answer to 2 decimal places, e.g. $2.55.)
Earnings per share $
In: Accounting
Miller Corp. has reported pre-tax income of $250,000 for calendar 2020, before considering the five items below. Prepare the adjusting entries needed at December 31, 2020 in order to correctly state the 2020 pre-tax income. If no entry is needed, write NONE.
1. Interest on a $42,000, 7%, six-year note payable was last paid on September 1, 2020.
2. On May 31, 2020, Melody entered into a contract to provide services to a customer for eighteen months beginning June 1. The customer paid the $18,000 fee in full on June 1 and Maison credited it to Service Revenue.
3. On August 1, 2020, Maison paid a year’s rent in advance on a warehouse, and debited the $48,000 payment to Prepaid Rent.
4. Depreciation on office equipment for 2020 is $17,000.
5. On December 18, 2020, Maison paid the local newspaper $1,000 for an advertisement to be run in January of 2021, debiting it to Prepaid Advertising.
In: Accounting