Answered: 1.Jill is paid a yearly salary of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1.Jill is paid a yearly salary of $90,000. How does she make per month?

2. A salesman is paid a 6% commission on his net sales. Find his gross wages for the past month if his gross sales totaled $91,568 and he had $5,568 of returns and allowances.

3. A salesman receives a salary of $500 per week plus an 8% commission on all sales in excess of $1,800. What were his wages last week, if gross sales totaled $18,714 and returns were $5,714?

Group of answer choices

A.$1,481.12

B.$1,981.12

C.$1,040

D.$1,396

4. An auctioneer earns a commission on the total value of the property he sells. If he earns $2,700 on the sale of $18,000 worth of property, at what percentage rate is he paid?

Group of answer choices

A.0.15%

B.15%

C.1.5%

D.1 1/2%

5. A computer programmer, who is covered by the Fair Labor Standards Act, is paid a salary of $1,260 a week for a normal work week of 35 hours. If she works 42 hours in a week, her gross pay for the week would be

Group of answer choices

A.$1,548

B.$1,440

C. $1,080

D.$1,638

6. A man has found work sharpening saw blades. For each saw blade he sharpens up to 100 in a week he is paid $1.80. For blades in excess of 100 in a week he is paid $2.52. His wages are docked $0.50 for each blade he ruins during the sharpening process. Find his gross wages for a week in which he sharpens 312 blades and ruins 10.

Group of answer choices

A. $689.04

B. $684.04

C. $714.24

D. $709.24

7. A married employee who claims two exemptions earns $345 for a week. Determine the amount of her net pay. (Use the tax tables in the text for Federal Taxes withheld.)

Group of answer choices

A.$291.61

B.$301.61

C.$311.61

D.$285.61

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