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are true, Directions: Read each statement below carefully. Write "T" if the statements are false. Write your answers in a separate sheet of paper. 1. " an employee only receives a percentage of the sales made with no additional compensation given then, he is re a straight commission. If an employee receives a guaranteed base salary amount and earn an undefined amount of commission based amount of sales he makes, then he is receiving a graduated commission. 2. 3. Salary plus commission is earned as a percentage of sales that as volume of sales increases, the amount of com also increases. 4. The price of a house for sale is P5,000,000. The bank requires 15% down payment. If a buyer wants to buy the then he needs to pay P1,125,000 as down payment. 5. A car is valued at P2,000,000 and the required down payment is P500,000. The down payment in percentage form 6. A salesperson is receiving a commission of 12% on all of his sales. If he was able sell goods amounting to P50, total commission is P6,000? 7. A salesperson is paid in installment basis. Assuming that he was able to sell a total cost of P320,000 which will bE installments of P5,000 monthly with a commission of 5%. At the end of the payment term, he will be able to receive commission of P14,000. 8. Charlie is a sales engineer receiving a basic monthly compensation of P13,500 and 1% commission on all sales. receive P14,745.8 gross earnings for the month if he will be able to sell P124,580. 9. A golden bejeweled necklace was sold at P650,000 and will be paid in monthly installments of P65,000. If the sale gets a 3% monthly commission, then he will receive P1,950. 10 Hazel receives 20% commission on the appliances she sells. If she sells a water heater for P1,500, a flat iron for

are true, Directions: Read each statement below carefully. Write "T" if the statements are false. Write your answers in a separate sheet of paper. 1. " an employee only receives a percentage of the sales made with no additional compensation given then, he is re a straight commission. If an employee receives a guaranteed base salary amount and earn an undefined amount of commission based amount of sales he makes, then he is receiving a graduated commission. 2. 3. Salary plus commission is earned as a percentage of sales that as volume of sales increases, the amount of com also increases. 4. The price of a house for sale is P5,000,000. The bank requires 15% down payment. If a buyer wants to buy the then he needs to pay P1,125,000 as down payment. 5. A car is valued at P2,000,000 and the required down payment is P500,000. The down payment in percentage form 6. A salesperson is receiving a commission of 12% on all of his sales. If he was able sell goods amounting to P50, total commission is P6,000? 7. A salesperson is paid in installment basis. Assuming that he was able to sell a total cost of P320,000 which will bE installments of P5,000 monthly with a commission of 5%. At the end of the payment term, he will be able to receive commission of P14,000. 8. Charlie is a sales engineer receiving a basic monthly compensation of P13,500 and 1% commission on all sales. receive P14,745.8 gross earnings for the month if he will be able to sell P124,580. 9. A golden bejeweled necklace was sold at P650,000 and will be paid in monthly installments of P65,000. If the sale gets a 3% monthly commission, then he will receive P1,950. 10 Hazel receives 20% commission on the appliances she sells. If she sells a water heater for P1,500, a flat iron for

FINANCIAL ACCOUNTING
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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Activity 1: TRUE OR FALSE onections: Read each statement below carefully, Write "T if the statements are true, and "F" if the statements are false. Write your answers in a separate sheet of paper. 1. " ar employee only receives a percentage of the sales made with no additional compensation given then, he is receiving a straight commission. 2. " an employee receives a guaranteed base salary amount and earn an undefined amount of commission based on the amount of sales he makes, then he is receiving a graduated commission. 3. Salary plus commission is earned as a percentage of sales that as volume of sales increases, the amount of commission also increases. The price of a house for sale is P5,000,000. The bank requires 15% down payment. If a buyer wants to buy the house, then he needs to pay P1,125,000 as down payment. 4. 5. A car is valued at 2,000,000 and the required down payment is P500,000. The down payment in percentage form is 25%. 6. A salesperson is receiving a commission of 12% on all of his sales. If he was able sell goods amounting to P50,000, his total commission is P6,000? 7. A salesperson is paid in installment basis. Assuming that he was able to sell a total cost of P320,000 which will be paid in installments of 5,000 monthly with a commission of 5%. At the end of the payment term, he will be able to receive a total commission of P14,000. 8. Charlie is a sales engineer receiving a basic monthly compensation of P13,500 and 1% commission on all sales. He will receive P14,745.8 gross earnings for the month if he will be able to sell P124,580. 9. A golden bejeweled necklace was sold at P650,000 and will be paid in monthly installments of #65,000. If the salesperson gets a 3% monthly commission, then he will receive P1,950. 10. Hazel receives 20% commission on the appliances she sells. If she sells a water heater for P1,500, a flat iron for P1,200 and a refrigerator for 20,000, then she'|l receive P5,450 as a commission. Y...:
Transcribed Image Text:Activity 1: TRUE OR FALSE onections: Read each statement below carefully, Write "T if the statements are true, and "F" if the statements are false. Write your answers in a separate sheet of paper. 1. " ar employee only receives a percentage of the sales made with no additional compensation given then, he is receiving a straight commission. 2. " an employee receives a guaranteed base salary amount and earn an undefined amount of commission based on the amount of sales he makes, then he is receiving a graduated commission. 3. Salary plus commission is earned as a percentage of sales that as volume of sales increases, the amount of commission also increases. The price of a house for sale is P5,000,000. The bank requires 15% down payment. If a buyer wants to buy the house, then he needs to pay P1,125,000 as down payment. 4. 5. A car is valued at 2,000,000 and the required down payment is P500,000. The down payment in percentage form is 25%. 6. A salesperson is receiving a commission of 12% on all of his sales. If he was able sell goods amounting to P50,000, his total commission is P6,000? 7. A salesperson is paid in installment basis. Assuming that he was able to sell a total cost of P320,000 which will be paid in installments of 5,000 monthly with a commission of 5%. At the end of the payment term, he will be able to receive a total commission of P14,000. 8. Charlie is a sales engineer receiving a basic monthly compensation of P13,500 and 1% commission on all sales. He will receive P14,745.8 gross earnings for the month if he will be able to sell P124,580. 9. A golden bejeweled necklace was sold at P650,000 and will be paid in monthly installments of #65,000. If the salesperson gets a 3% monthly commission, then he will receive P1,950. 10. Hazel receives 20% commission on the appliances she sells. If she sells a water heater for P1,500, a flat iron for P1,200 and a refrigerator for 20,000, then she'|l receive P5,450 as a commission. Y...:
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