Simple group discussion of accounting (no limit words)

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Simple group discussion of accounting (no limit words)

You are the manager of the Paint Department. You receive the income from the Senior Manager with the following memo to the three department managers attached.

Income Statement Sharp Hardware Store For the year ended 30 June 2015

Hardware Plumbing Paint Total
$ $ $ $
Sales 858,000 462,000 227,500 1,547,500
Lest cost of goods sold 399,250 215,750 68,250 683,250
Gross Profit 458,750 246,250 159,250 864,250
Less Expenses
Salaries-Manager 30,000 30,000 30,000 30,000
Salaries-other 225,000 120,000 140,000 485,000
Office expenses 33,267 17,913 8,820 60,000
Telephone 15,219 8,195 4,036 27,450
Supplies 55,000 39,600 15,400 110,000
Rent 40,000 20,000 20,000 80,000
398,486 235,708 218,256 852,450
Net Profit(Loss) 60,264 10,542 (59,006) 11,800

Performance this year is disappointing, particularly the Paint department which has recorded a loss of nearly $60 000. As a result, to improve performance in the future, a new system is going to be implemented. A bonus of $5 000 will be paid to one department manager at the end of next year on the basis of which department records the highest profit. 

Comment on the new policy from your point of view

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