Assignment Q. - 1.1.87 (Financial Accounting) Phoenix Art Gallery records commission on sales. Weekly sales: paintings $4,800, sculptures $3,200, prints $2,000. Commission rate 25%. commission earned. is the
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- ?? CommissionQ.2. Compute the total commission for the following commission payment plan. Graduated Commission Rates 3% on sales to $25,000 5% from $25,000 to $50,000 7% on sales above $50,000 Sales $84,000 CommissionThis table shows the amount of commission earned for a broker receiving 3% commission on sales. How much would this agent earn in commission for $600,000 in sales? Commission Eamed Sales (in thousands of S) 120 240 360 480 600 Commission (in thousands ofS 36 72 108 14.4 A. $180,000 B. $18,000 C. $200 D. $20,000
- I need this question answer financial accountingExpert answera. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
- Tess3false Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales for $1,860 Ob. Cash for $2,000 O c. Sales Tax Payable for $140 Od. Sales for $2,140 Previous Submit Test f Email Instructor All work saved. 64°F ^ E I 99+Provide the journal enteies with subsidairy recordD. The following selected account balances were taken from the records of J. Gucela Company, for the month of January 20B. (VAT of 12% is billed separately). Purchases P100,000 10,000 5,000 80,000 6,000 7,000 Purchase Returns & Allowances Purchase Discounts Sales Sales Returns and Allowances Sales Discounts 3 - Required: 1. Compute the Input Tax 2. Compute the Output Tax 3. Compute the Prepaid Tax 4. Entry to close the Output Tax to Input Tax 5. Where do we show the Prepaid Tax in the Financial Statements?
- 2. Richard Lenz receives 35-cammission for selling cleaning supplies. What is his commission on sales of $122,591? Hight 3. Yo Commmu of the selliftg pricO VI Or What jotalSubject financial accountingA. Solve the following problems and show your complete solution. 1. Incremental Commission or Graduated Commission Celeste is paid 3.5% commission on the first P12,000; 3.5% on the next P15,000; and 6.5% on all sales over $25,000. Last month, her total sales were P64,000. Find her total commission. HRISTIAN 2. Salary Plus Commission Francis Nicolas is paid a basic salary of P30,000 a month plus 9.5% commission on all sales made. Compute his gross earnings if he made total sales of P195,000. 3. Commission and Bonus Shiela receives a monthly salary of P15,200 plus 2.5% commission on sales which she consumes in excess of P70,000. Find her total earnings in a month when her sales amounted to P145,000. bahag 4. Commission with Override Yu receive 10% commission on the product he sold plus 2.5% commission of the sales made by representatives under his supervision. If his sales amounted to P28,000 and the sales made by his representatives amounted to P73,000, how much did he earn?