Associate level material

Assignment Help HR Management
Reference no: EM13830370

Associate Level Material

Appendix

Statement of Earnings

How often have you added up all your monthly expenses and compared the sum against how much you make? If you have done this you have created a statement of net earnings, much like a human resources company. Let's take this a step further. Rather than adding up all your expenses, try sorting them into categories. Find and list the total amount you spent on rent, utilities, food, gas and car payments, for example. Now make a list of these five items and others on a sheet of paper. This personal income statement might be very similar to the statement of activities found on p. 23 of the text.

If your expenses are greater than your revenues, or pay, then you must either reduce expenses or increase cash receipts, or both. If the trend in an organization's income statement shows continued losses, action must be taken or the organization will run out of money and the operation will have to close. The income statement, or statement of earnings, tells you how well the organization is managing its resources.

Balance Sheet for an Organization

The balance sheet gives you a snapshot of the organization's assets and liabilities. This statement tells you where the organization is at any one point in time. The income statement, by contrast, tells you how the organization performs over a period of time.

Say you want to know how much cash the organization had at the end of an accounting period, or perhaps you are interested in learning the value of the vehicles owned by the organization. Maybe you want to know how much money the organization owes. All of this information is included on the balance sheet.

Creating a Personal Balance Sheet

How would you put together your own balance sheet? First, you would identify the value of all the assets you own. These can include your car, house, furniture, computer, and prized T-shirt from the New York Marathon. Then identify all your liabilities, including credit card balances, mortgage balances, and car loan balances. Notice that you would not add the amounts paid on the credit cards (payments go on the income statement) but only the outstanding balances. By comparing assets and liabilities, you can determine if you have a positive net worth or if you are headed to bankruptcy court.

If you look at the balance sheet of an organization or your personal balance sheet, you can see whether there are more assets than liabilities. If an organization/personal balance sheet has more assets than liabilities, they are said to have a positive net worth. If the organization/personal balance sheet has more liabilities than assets, they are said to have a negative net worth. This is determined by this basic accounting formula: Net Worth = Assets - Liabilities, but remember this a balance statement so Total Liabilities and Net Worth must equal Total Assets. There are consequences for organizations or individuals in a negative net worth position, including higher interest rates on loans and possible bankruptcy.

ASSOCIATE LEVEL MATERIAL: APPENDIX





INDIVIDUAL


STATEMENT OF EARNINGS



201X





Revenue



  Pay Check



  Interest




 


Total Revenue  for the Year






Expenses for the Year



    Rent or Mortgage



    Utilities



    Gas



    Telephone



    Food



    Other




 


Total Expenses for the Year






Net Income For the Year (Revenue - Expenses)








PERSONAL BALANCE SHEET




ASSETS



  Current assets



    Cash



    Investments



    Prepaid rent and deposits

 


  Total Current Assets






  Property and equipment, net



    House (if owned)



    Furniture



    Auto (if owned)

 


  Total property and equipment






TOTAL ASSETS

 





LIABILITIES AND NET WORTH






LIABILITIES



  Current liabilities



    Credit Card Balance



  Total current liabilities






  School Loan



  House Loan



  Car Loan

 





Total liabilities









NET WORTH

 





TOTAL LIABILITIES AND NET WORTH

 





Reference no: EM13830370

Questions Cloud

Explain how the system will benefit from a massage : Using the integumentary system tell its functions, the parts included in the system, and explain how the system will benefit from a massage.
Relationship between cultural and cross-cultural psychology : Use the case study to provide a definition and an example of cultural and cross-cultural psychology. Analyze the relationship between cultural and cross-cultural psychology
What is probability of getting heads on at least one flip : What is the probability of getting heads on at least one flip
Strengths and limitations of traditional psychodynamic : Is there such a thing as human nature? If so, what is it? If not, why not? Explain the strengths and limitations of traditional psychodynamic personality theories
Associate level material : How often have you added up all your monthly expenses and compared the sum against how much you make? If you have done this you have created a statement of net earnings, much like a human resources company. Let's take this a step further. Rather t..
Define your overall view of your article : Define your overall view of your article and any other comments pertaining to your article (e.g., did the article adequately explain all research methodology?)
Operations management integration paper : Operations Management Integration Paper
Problem-quality improvement plan : Health Maintenance Organization (HMO) is focused on ensuring effective and efficient healthcare is provided to people by qualified healthcare professionals.
Assignment on pay increase demands of employees : You are an HR manager with Spring Valley Laboratories. The organization pays its employees according to specific pay grades and ranges but maintains secrecy surrounding the specific numbers.

Reviews

Write a Review

 

HR Management Questions & Answers

  Alignment of hrm and business strategies

Propose how you would ensure the HR strategy is in alignment with the business strategy and describe the HR job positions and the responsibilities listed for that HR department.

  Difference between re-engineering and restructuring

What is the fundamental difference between re-engineering and restructuring? If your company has been through one of this strategic changes, please describe the challenges that the company faced.

  Resources1 under stable conditions concentrated growth

resources1. under stable conditions concentrated growth poses lower risk than any other grand strategy pearce amp

  Explain the components of developing a market competitive

explain the components of developing a market competitive pay system.outline the job evaluation

  Improve efficiency and customer satisfaction

As the manager of a busy call center for a health care organization, you note that the volume of calls has doubled over the past year. Although you do not have the budget to hire additional staff, you do have an additional $20,000 to spend on your..

  Aspects of the scripps

From the video, isolate one of the many aspects of the Scripps recruitment and interview process that could be most attributable to Scripps' ample supply of registered nurses when there is a nursing shortage across the country. State how you could..

  Cornerstone of hrm

Job analysis has been considered the cornerstone of human resource management and Precisely how does it support managers making pay decisions?

  Differences of case management

Write a 1,050- to 1,400-word paper in which you identify and describe the differences of case management in the criminal justice system within the community and in a correctional

  Prepare a written plan for the corporate event of regarding

prepare a written plan for a corporate event of about approximately 1500 words. the plan should be comprehensive and

  Show the coordinating labor contracts

Explain the advantages and disadvantages of coordinating labor contracts in the three selected countries. India, Mexico and China.

  Topics on human resource management

Write a research proposal on one of the topics on human resource management for about 1500 words.

  Modern business environment

When were the last time you participated in a survey? How helpful do you think the information was you provided? How could the research have been done differently to make it more effective?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd