**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.
*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. $
urgent
Dick's Draperies has gross sales $15,000 per month, half of which are on credit (paid with 30 days). Monthly expenses are as follows: wages, $3,000; utilities and rent, $2,000; advertising, $300; and miscellaneous, $500, inventory is purchased every three months and totals $30,000 for each order. Yearly expenses paid for in advance are insurance of $1,000 and a rent deposit of $700. Prepare a six-month cash flow statement for Dick's Draperies. What advice would you give this business based on the cash flow statement?
Casey Collins’ average workweek during the first quarter of the year (13 weeks) was 43 hours. As part of his company’s perfect attendance program, he earned a bonus of $975. Determine the extra overtime pay due Collins for the first quarter.Extra overtime pay .................................... $
Computing Weekly Gross Pay Guy Fauchet's regular hourly rate is $12. He receives 1½ times the regular rate for hours worked in excess of 40 hours a week and double the rate for work on Sunday. During the past week, Fauchet worked 8 hours each day Monday through Thursday, 11 hours on Friday, and 7 hours on Sunday. Compute Fauchet's gross pay for the past week.

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