A salesperson at Salim Retail Inc. earns a base salary of $1,950 per month and a commission of 6.8% on the amount of sales. If the salesperson has a paycheck of $4,470 for one month, what was the amount of sales for the month?

A salesperson at Salim Retail Inc. earns a base salary of $1,950 per month and a commission of 6.8% on the amount of sales. If the salesperson has a paycheck of $4,470 for one month, what was the amount of sales for the month?

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1P: Greene Sisters has a DSO of 20 days. The companys average daily sales are 20,000. What is the level...

See similar textbooks

Related questions

Q: Sahyog pharmaceutical reported the following financial data

A: 1. Calculate 2022 Revenue:2022 Revenue = 2021 Revenue * (1 + Sales Growth Rate)2022 Revenue =…

Q: Need answer please

A: Explanation of Labor Efficiency Variance:Labor efficiency variance measures the difference between…

Q: Need help with this financial accounting question

A: Step 1: Define Share RepurchaseA share repurchase (or stock buyback) is when a company buys back its…

Q: None

A: Step 1: Definition of Net IncomeNet Income is the total earnings of a company after deducting all…

Q: One year ago, you purchased 500 shares of Summit Tech Corp. stock at a price of $10.50 per share.…

A: Step 1: Calculate Capital GainCapital Gain per share=Selling Price−Purchase…

Q: The company sells 4200 units, what will net income be?

A: Step 1: Unit contribution margin Unit contribution margin = Selling price per unit - Variable cost…

Q: General accounting

A: Step 1: Definition of Recognized Gain/LossRecognized gain is the amount by which the selling price…

Q: answer is

A: Step 1: Definition of InvestmentInvestment is the allocation of resources, such as money, into an…

Q: Tutor please provide answer

A: Detailed explanation:Given:Service Cost, $1,050 millionInterest Cost, $900 millionActuarial Loss,…

Q: general accounting answ

A: Step 1: Definition of Cost of Goods Manufactured (COGM)The Cost of Goods Manufactured (COGM) is the…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of Manufacturing OverheadManufacturing overhead consists of all indirect costs…

Q: What is the overhead rate per service request of this general accounting question?

A: Step 1: Information givenTotal Overhead Costs = $22,750Estimated Service Requests = 4,550Step 2:…

Q: Kitty Manufacturing has the following data: Beginning Finished Goods Inventory = $10,200 Raw…

A: Explanation of Beginning Finished Goods Inventory:Beginning Finished Goods Inventory refers to the…

Q: A manufacturer sells a product for $45 to a wholesaler, and the wholesaler sells it to a retailer.…

A: Step 1: Understanding the Markup TypeThe wholesaler and retailer both use markup based on selling…

Q: What is the best estimated of the total monthly fixed manufacturing cost ?

A: Step 1: Definition of Fixed Manufacturing Cost Using the High-Low MethodThe high-low method is used…

Q: 5 POINTS

A: Explanation of Raw Materials Inventory: Raw materials inventory represents the cost of materials…

Q: What is the cost of goods sold on the sale?

A: Explanation of Cost of Goods Sold (COGS):The Cost of Goods Sold (COGS) refers to the direct costs of…

Q: Variable overhead:270000, fixed overhead:130000

A: Explanation of Variable Costing: Variable costing is a costing method that only includes variable…

Q: Can you help me with accounting questions

A: Step 1: Definition of Equivalent Units for Conversion Costs (Weighted-Average Method)Equivalent…

Q: Determine the overhead allocation rate

A: Explanation of Overhead Allocation Rate:The overhead allocation rate is a cost per unit of activity…

Q: choose best answer me

A: Detailed explanation:Total Variable Costs, $80,000Total Fixed Costs, $120,000 Selling Price, $…

Q: Net income?

A: Net Income is the total profit of a company after deducting all expenses, including the cost of…

Q: none

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the total cost…

Q: assume the cost of capital is

A: Return of the original investment:This is the initial amount Mirar Vision Clinic invested, which is…

Q: Interest expense

A: Step 1: Define Exempted IncomeIt refers to the income by which the tax is not charged. The…

Q: not use ai solution given answer General accounting

A: Step 1: DefinitionWorking Capital measures a company's short-term liquidity and is calculated as the…

Q: Bramwell Industries produces joint products C and D from Material X in a single operation. 500…

A: Step 1: Calculate Total Sales Value for Each ProductProduct C: 300 gallons × $2.00 = $600Product D:…

Q: hello tutor provide answer o this General accounting question

A: Step 1: DefinitionA note receivable is a formal promise to pay a specified amount with interest at a…

Q: Interest earned ratio for the year?

A: Earning Before Interest and Tax(EBIT) = Net Income + Interest + TaxEarning Before Interest and…

Q: fixed costs per month

A: Step 1: Definition of High-Low MethodThe high-low method is a technique used to estimate fixed and…

Q: How much overhead was applied to each job in year 2 ?

A: Step 1: Definition of Overhead ApplicationApplied overhead refers to the allocation of estimated…

Q: Please help me with the incorrect cells.

A: Please help me with the incorrect cells. Detailed explanation:Aug 10Sold the 1800 shares of treasury…

Q: Ajani Company has variable costs equal to 35% of sales. The company is considering a proposal that…

A: Step 1: Contribution margin ratio Sales is the basis so sales ratio is 100%Contribution margin ratio…

Q: Zephyr Enterprises projected current year sales of 60,000 units at a unit sale price of $25.00.…

A: Explanation of Sales Volume Variance: Sales volume variance measures the difference between actual…

Q: What is the total period cost for the month?

A: Explanation of Variable Costing: Variable costing is a method of product costing that only includes…

Q: Answer please

A: Step 1: Definition of the Accounting EquationThe main objective of every business entity is to…

Q: Kendall Corporation uses the weighted-average method in its process costing system. The ending work…

A: Explanation of Weighted-Average Method: The weighted-average method is a process costing technique…

Q: Factory overhead incurred for September?

A: Explanation of Factory Overhead:Factory overhead refers to all indirect costs incurred in the…

Q: General accounting

A: To determine Ruth's gain on the sale of the land, we follow these steps:Step 1: Calculate the Amount…

Q: I want to this question general Accounting

A: Step 1: Define Costing MethodsVariable Costing and Absorption Costing are two methods used to…

Q: None

A: The question requires the determination of the increase in earnings per share. Earnings per share…

Q: In 2011, It cost Parley Corp. $9 per unit to produce part T5. In 2012, it has increased to $12 per…

A: The Make-or-buy decision involves comparing the cost of manufacturing a part internally versus…

Q: 4 POINTS

A: Explanation of Goodwill: Goodwill is an intangible asset that arises when a company acquires another…

Q: Can you help me with accounting questions

A: Step 1: Definition of Markup and Markup PercentageMarkup is the difference between the selling price…

Q: The profit margin rate ?

A: To calculate the profit margin rate, we follow these steps: 1. Calculate Net Sales:Net Sales =Sales…

Q: On January 1, 2017, Chintan Corp., a 75% owned subsidiary of Victor Inc., transferred equipment with…

A: Explanation of Intra-Entity Transfer: Intra-entity transfers are transactions that occur between…

Q: Pinehurst industries has the following account balance... Please answer the financial accounting…

A: Step 1: Define Intangible AssetsIntangible assets are non-physical assets that provide economic…

Q: do fast answer of this General accounting question

A: Step 1: DefinitionThe days sales outstanding (DSO) measures how quickly a company collects payments…

Q: Quick answer of this accounting questions

A: Step 1: Definition of High-Low MethodThe high-low method is a cost estimation technique used to…

Q: Answer this Accounting problem

A: Concept of Variable CostingVariable costing is a cost accounting method that includes only variable…

Question

What was the amount of sales for the month?

A salesperson at Salim Retail Inc. earns a
base salary of $1,950 per month and a
commission of 6.8% on the amount of sales.
If the salesperson has a paycheck of $4,470
for one month, what was the amount of
sales for the month?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Need help with this general accounting question
A salesperson earns a base salary of.... Give true answer this general accounting question
General Accounting
Financial Accounting
You are paid a base weekly salary of $362 and earn 6.5% commission on your sales at a furniture store. What is your total earnings for the year if you achieved a total sales of $231, 611.60?
A sale's man has a fixed salary of birr 200 a week in addition, he receives a sales commission that is 20%of his total volume of sales. State the relationship between the sales Man's total weekly salary and his sales for the week
A salesperson earns a base salary of $1,840 per month and a commission of 7.2% on the amount of sales. If the salesperson has a paycheck of $4,306 for one month, what was the amount of sales for the month? ABC Bike Company has $200,000 in assets, and had earnings before interest and taxes of $50,000 for the 12 month period ended September 30th. The company's marginal tax rate is 40% and it pays interest of 8% on any debt. If the company has a 40% debt/assets ration, its net income after taxes and interest is 2A firm has a net income of 4 million and interest expense of 20 million. The tax rate is 20%. What is the tax in millions?
Help
An invoice for $400 dated December 7 has sales terms of 2/10 ROG. The merchandise arrived December 11. If the bill is paid on December 18, what is the amount that was paid? Imagine you earn annual salary of 51149 biweekly and your workweek is 37. What is your hourly rate of pay? Imagine you earn annual salary of 47013 biweekly and your workweek is 35. What is your regular salary per pay period?
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…
Prblm