A publishing company pays its salespeople a weekly salary plus a 1% commission on all net sales over $5,000 (no commission on returned goods).Complete the following table:| Employee | Gross sales | Return | Net sales | Given quota | Commission sales | Commission rate | Total commission | Regular wage | Total wage ||----------|-------------|--------|-----------|-------------|------------------|-----------------|------------------|--------------|------------|| Earl | $7,975 | $75 | | $5,000 | | 1% | | $210 | |In this table, you need to calculate the missing values. Here's what each column represents:- **Gross sales**: Total sales amount before returns.- **Return**: Amount of goods returned, which will be subtracted from gross sales to calculate net sales.- **Net sales**: Gross sales minus returns.- **Given quota**: The minimum sales amount required to start earning commission.- **Commission sales**: Net sales minus given quota if net sales exceed the quota.- **Commission rate**: Percentage rate at which the commission is calculated.- **Total commission**: Commission rate applied to commission sales.- **Regular wage**: Fixed weekly salary.- **Total wage**: Regular wage plus total commission.To find the missing values, you will:1. Calculate Net sales by subtracting the Return from Gross sales.2. Determine Commission sales by subtracting the Given quota from Net sales, only if Net sales exceed $5,000.3. Calculate Total commission by applying the Commission rate to Commission sales.4. Compute Total wage by adding Regular wage and Total commission.

The question is based on the concept of Financial Accounting.

A publishing company pays its salespeople a weekly salary plus a 1% commission on all net sales over $5,000 (no commission on returned goods): Complete the following table. Employee Gross sales $ Earl 7,975 $ Return 75 Net sales Given quota $ 5,000 Commission Commission sales rate 1% Total commission Regular wage Total wage $ 210

A publishing company pays its salespeople a weekly salary plus a 1% commission on all net sales over $5,000 (no commission on returned goods): Complete the following table. Employee Gross sales $ Earl 7,975 $ Return 75 Net sales Given quota $ 5,000 Commission Commission sales rate 1% Total commission Regular wage Total wage $ 210

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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