**Problem Statement:**You are paid a commission plus $5.40 per hour with time-and-a-half overtime for all hours more than 8 per day. Your commission consists of 4% of the first $3,000.00 in sales and 5% on all sales over $3,000.00. Find your gross pay for a week in which you worked 9 hours on Monday, 8 hours on Tuesday, 11 hours on Wednesday, 9 hours on Thursday, 10 hours on Friday, and 8 hours on Saturday. Your total sales for the week were $4,115.00.

Day Number of hours (A) Over time hours (B=A-8) Overtime pay (C=B*1.5*5.4) Normal hour pay (D=…

Answered: 10. You are paid a commission plus…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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National Storage employs 88 workers with a gross monthly payroll of $135,000. Fringe benefits are 8.8% of payroll for a profit sharing plan and $9.21 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the neareat tenth of a percent.
The phone bill for Company XYZ consists of two components. A fixed monthly subscription fee of $700 and a constant calling rate of $0.5 per minute. Assume that during February Company XYZ has a total call time of 10,700 minutes how much was the total phone bill ($) for the month of February?
8.Given Company pays time and a half for hours in excess of 40 hours per week. If an individual is paid P48 per hour and works 44 hours a week the weekly earnings will amount to:
*9. You are the sales manager for the Shockey Solar Panel Company. You receive a commission based on the total sales of all the salespeople you manage. Your commission is 2% of the first $80,000 of sales, 4% on the next $80,000, and 5% on all sales over $160,000. What is your commission for a month in which your sales- people sold $220,000 in solar panels?
Lee Company pays its employees on a variable commission scale: 6% on the first $40,000 sales, 7% on sales from $40,001 to $80,000, and 13% on sales of more than $80,000. May West, an employee of Lee, has $230,000 in sales. What commission did May earn?
nal Storage employs 88 workers with a s monthly payroll of $133,000. Fringe efits are 8.6% of payroll for a profit- g plan and $9.23 per employee for life insurance. ercent of payroll is the total cost of penefits? Round your answer to the E tenth of a percent.
Alpesh
Carson Ltd. has prepared the following 2021 projections for its beverage company: Sales Month Cash Sales Credit Sales Мay $ 16,000 $ 68,000 June 20,000 80,000 July 18,000 74,000 August 24,000 92,000 September 22,000 76,000 Receivables have been historically collected at the following rates: • 40% in the month of sale 45% in the month following sale 15% two months after sale Inventory Purchases Month Purchase Amounts May $ 70,000 June 72,000 July 74,000 August 78,000 September 80,000 40% of purchases are paid for in cash in the month of sale, and the balance is paid the following month.
A4
Tuck Company pays its employees weekly based on a 5 day 40 hour work week and the gross payroll is $21,050. Required 1: On June 30th there are 2 days accrued payroll to recognize in the monthly financials. How much is the accrued liability on June 30th balance sheet? Ignore withholding taxes. $ Required 2: On August 31st there are 4 days accrued payroll to recognize in the monthly financials. How much is the accrued liability on August 31st balance sheet? Ignore withholding taxes. $ Required 3: On January 31st there is 1 day accrued payroll to recognize in the monthly financials. How much is the accrued liability on January 31st balance sheet? Ignore withholding taxes. $
Dec 2 Hired two employees to begin work on December 6. Each employee is to receive a weekly salary of $600 for a five-day work week, payable every two weeks. Dec10 Sold 4,000 led light bulbs at $6 each on credit, terms 2/10, n/30, FOB shipping point.
Basic wage rate is $. 2/- per hour. Overtime rates are as follows: Before or after working hours Sundays and Holidays 150 % of basic wage rate 200 % of basic wage rate, i.e. double time During the previous year, the following hours were worked: : 2,00,000 hours 30,000 hours Normal time Overtime before or after working hours Overtime - Sundays and holidays 20,000 hours : Total : 2,50,000 hours The following times have been worked on Job 'X' : Normal time 3,000 hours Before and after working hours 300 hours Sundays and Holidays 200 hours Total 3,500 hours You are required to calculate the labour cost chargeable to Job 'X" and overhead in each of the following instances: (a) Where overtime is worked regularly throughout the year as a policy due to labour shortage. (b) Where overtime is worked irregularly to meet the requirements of production. (c) Where overtime is worked at the request of the customer to expedite the job.

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