calculating commissions The M7H pays its employees an hourly wage plus commision of 7% of their sales. find gross earnings for each hours worked hourly wage total sales gross earnings adam 37 $5.80 2385 jan 40 $ 5.90 2940.65 pat 29 $5.70 1834.39

calculating commissions The M7H pays its employees an hourly wage plus commision of 7% of their sales. find gross earnings for each hours worked hourly wage total sales gross earnings adam 37 $5.80 2385 jan 40 $ 5.90 2940.65 pat 29 $5.70 1834.39

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Using the high-low method, calculate Adams Company's total expected cost for October.

A: High-low method is one of the techniques that is used to separate fixed and variable components from…

Q: This table shows the amount of commission earned for a broker receiving 3% commission on sales. How…

A: Commission earned is an income earned by some salesmen because the product is not owned by the…

Q: On is a salesperson who receives an annual salary of $24,000 paid semimonthly plus commissions of 5%…

A: The company pays to the employees on the basis of fixed monthly pay and plus commission on the…

Q: 21. Future Company's projected income statement for the month before any special order is as…

A: Accepting the special order will not increase any fixed expenses, there will only change in…

Q: Stuart Computer Services, Incorporated, has been in business for six months. The following are basic…

A: Variable cost is the kind of cost that keeps on varying with the change in the production level…

Q: Samuel Worthy earns both $8.10/hour and a 14% commission on all sales. During the most recent week,…

A: The total gross pay includes salary and the commission earned.

Q: Complete the following table: Employee Ryan Total sales $ 291,000 Commission rate 6 % Draw $ 7,800…

A: The question is based on the concept of Financial Accounting.

Q: Jose receives a commission of 2.4% on his monthly sales up to $3,100. The rate then increases to…

A: Lets understand the basics. For calculating commission on sales, we need to use below formula.…

Q: If a store uses a 35-hour workweek, determine the sales per fulltime employee equivalent based on…

A: Here in this question, we are required to calculate the sales per full time employee equivalent. We…

Q: Delos, Inc. reports the following information for April: Units sold Sigma 2,000 units Gamma 700…

A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…

Q: A publishing company pays its salespeople a weekly salary plus a 2% commission on all net sales over…

A: Calculate the amount of net sales.

Q: S Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,495…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: dies. income statement follows. sales Cost of goods sold Gross profit MERLINE MANUFACTURING Income…

A: Budgeting:Budgeting is the process of predicting future values in terms of sales, purchases, and…

Q: ales. How much would this agent earn in commission for $680,000 in sales?

A: Commission is the return earned by sales person on every sales made. It is a fixed amount and is…

Q: per Month Liter Revenue $ 21.00 June $ 133,540 Raw materials $ 5.55 $ 37,130 Wages $ 6,500 $ 2.30 $…

A: Revenue variance measures the difference between actual and budgeted income, while spending variance…

Q: Union Apparel has sales including sales taxes for the month of $550,700. If the sales tax rate is…

A: Sales is the primary way for the company to generate revenue by selling the products or services.…

Q: The following information pertains to Monroe Company: Month Sales Purchases January $62,000 $33,000…

A: Purchases may be made in cash or by credit. The credit purchases have to be paid for in the months…

Q: Q1 Irfan Corporation contribution margin ratio is 22% and its fixed monthly expenses are Rs. 54,000.…

A: Net Operating Income = Contribution margin - Fixed Cost Fixed Cost is given directly in the…

Q: A company reports the following for this year. Units sold 1,800 units Sales price per unit $ 36…

A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…

Q: For February, sales revenue is $596,000, sales commissions are 7% of sales, the sales manager's…

A: The selling expenses are the operating expenses including sales commission, sales manager salary,…

Q: Don't give answer in image format

A: Cash payment for purchase budget :— Thos budget is prepared to estimate the payment for purchase…

Q: An answering machine cost a dealer $220.00 less 31.5%, 7%. It is regularly priced at $212.00. The…

A: Answering machine cost = $220 Less- Discount @ 31.50% = $69.30 Machine cost after discount = $220…

Q: For February, sales revenue is $900,000; sales commissions are 5% of sales; the sales manager's…

A: Introduction: The costs of delivering, marketing, and selling goods or services are referred to as…

Q: Bugs Bunny Clothing Company operates a children's and women's department. The latest monthly income…

A: Relevant CostIn Management accounting the term of Relevant cost is really matter. Relevant cost is…

Q: Yearly Cost of Absenteeism $480,244 Total Salary $7,766,096 Percentage of Salary 6% Number of…

A: The cost associated with absenteeism can be grouped as direct and…

Q: Q.2. From the following particulars ascertain thế lábour cost per day of 8 hours: 1. Basic.pay…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: For February, sales revenue is $555,000; sales commissions are 6% of sales; the sales manager's…

A: Selling expenses include all those amounts which are paid for selling goods & services. These…

Q: 9.4 The following information on sales revenue and wages expense was collected over a six- month…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: A publishing company pays its salespeople a weekly salary plus a 1% commission on all net sales over…

A: The question is based on the concept of Financial Accounting.

Q: Required: 1. What is the monthly break-even point in unit sales and in dollar sales? 2. Without…

A: The following basic information as follows under:-Break-even point point means, where no profit or…

Q: For February, sales revenue is $595,000, sales commissions are 6% of sales, the sales manager's…

A: Introduction: Selling expenses are the costs of distributing, advertising, and selling a product or…

Q: Ronald Factory provides for an incentive scheme for its factory workers which features a combined…

A: Employee Units produced Piece rate Total wages R 67 11.25 753.75 O 78 11.25 877.5 L 80 11.25…

Q: Required: Cost of goods sold statement P1,100,000 6% of sales 2% of sales 300,000 240,000 Sales…

A: Raw materials are the direct materials that are used in the direct production of goods. The raw…

Q: Robin Compary has the following balances for the cuIrent mont $24,000 $36,800 $19,200 $ 1,800 $…

A: Manufacturing cost is incurred only in the factory directly or indirectly related to the production…

Q: h) During January, 50 units costing $25 per unit were sold on account for selling price of $35 per…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: For February, sales revenue is $552,000, sales commissions are 4% of sales, the sales manager's…

A: Selling expense : Selling expense is the company's cost of selling, distributing, and marketing the…

Q: Values of purchases that a customer has made during the last five months are summarized as below:…

A: Past Customer Value (PCV)= It measure the value of customer based on past purchase and gross…

Q: Audrey Sanders sells closet organization systems. She is paid a commission of 5.14% of her first…

A: Commission on first $1500 sales (x) = 5.14% Commission on sales above $1500 (y) = 10% $7500 sales…

Q: Pathfinder Incorporated produces and sells a single product. Data concerning that product appear…

A: Lets understand the basics.Break even point is a point at which no profit no loss condition arise.…

Q: teol assembly dfferential piecearork Company pays Visginia's s March gross fay it she one week…

A: Differential piecework wages system refers to a method of calculating the wages of labor. Under this…

Q: Accounting Menlo Company distributes a single product. The company's sales and expenses for last…

A: Introduction Break Even Point: When total cost and total income are equal, a small firm is…

Q: UN PANLAQUI IS A SALESMAN RECEIVING A SALARY OF P12,500.00 MONTHLY WITH 5% COMMISSION ON ALL HIS…

A: Answer) Calculation of Gross Salary for 3 months June July August Total Fixed…

Q: Complete the following table: End-of-month commission Commission Employee Total sales Draw rate…

A: Given, Rate of Commission = 6% Total sales = $ 2,94,000 Commission payable = 6% of Total sales =…

Q: You are paid a commission plus $3.40 per hour with time-and-a-half overtime for all hours over eight…

A: total hours worked = 8 + 8 + 10 + 8 + 10 + 9 = 53 overtime hours = 53 - 48 = 5 total pay from…

Q: ABC Inc has the following estimates for the next four months: March April May June Sales units 94 84…

A: Budgeting is an important process that is undertaken in order to enable proper conduct of decision…

Q: Harrison , Inc : Advertising Costs President's Salary Tax Payments Factory Repair and Maintenance…

A: Product cost refers to the total cost incurred by a company to manufacture or produce a specific…

Question

calculating commissions

The M7H pays its employees an hourly wage plus commision of 7% of their sales. find gross earnings for each

hours worked hourly wage total sales gross earnings

adam 37 $5.80 2385

jan 40 $ 5.90 2940.65

pat 29 $5.70 1834.39

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 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

1
S=1
Subject: acounting
Cheese boxes packaged per week 1-100 101-300 301 and over Last week, a woman packaged 267 boxes of Holiday Cheese Assortment. Find her gross weekly earnings if she is paid at the differential piece rate that is shown on the right. Pay per package $1.91 $2.02 $2.18 The woman's gross earnings for the week were $ (Round to the nearest cent as needed.)
The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on all sales they make. Find the amount of commission and gross earnings for these employees. (Round your answers to 2 decimal places. Omit the "S" sign in your response.) Sales for the Week $ 2,392.50 $ 3,480.75 Name Commission Gross Earnings Tina Valendez Jan Yarrow %24 %24
Ron Company has the following commission schedule: Commission rate 2% 3.5% 4% Calculate the gross earning. Employee Sales Up to $80,000 Excess of $80,000 to $100,000 More than $100,000 Bill Moore Total sales Gross earning $ 141,000
For February, sales revenue is $638,000, sales commissions are 5% of sales, the sales manager's salary is $87,100, advertising expenses are $85,400, shipping expenses total 1% of sale, and miscellaneous selling expenses are $2,500 plus 1/2 of 1% of sales. Total selling expenses for the month of February are a.$175,000 b.$216,470 c.$206,900 d.$213,280
Multiple Product Break-Even AnalysisJoe's Tax Service prepares tax returns for low-to middle-income taxpayers. Its service operates January 2 through April 15 at a counter in a local grocery store. All jobs are classified into one of three categories: standard, multiform, and complex. Following is information for last year. Also, last year, the fixed cost of rent, utilities, and so forth were $70,000. Standard Multiform Complex Billing rate $70 $145 $270 Average variable costs (30) (75) (150) Average contribution margin $40 $70 $120 Number of returns prepared 1,750 500 250 Required(a.) Determine Joe's break-even dollar sales volume. Round contribution margin to three decimal places. Round break-even sales volume to the nearest dollar. Product Weighted Selling Price Weighted Contribution Margin Standard Answer Answer Multiform Answer Answer Complex Answer Answer Total Answer Answer Contribution…
Jomari Corporation's factory workers Incentive scheme which features a combined piece rate P11.25 and a minimum wage guaranteed wage of P875 per week. Production report for the week show Employees Units produced 67 78 M 80 A. 82 R 72 75 How much portion of the weekly payroll should be charge to factory overhead?
XYZ Enterprises Corporation's single product appear below: Selling Price Per Unit Rs. 150 Variable Expense Per Unit 90 Fixed Expenses for the month 424,840 Total Sales in amount to attain the company's monthly target profit of Rs. 50,000 is closest to:
only one product called a Deb. The s Selling and Administrative Expense et data are available: oment Monthly Fixed Cost $ 51,400 $ 61,400 $ 21,400 $ 41,400 Variable Cost Per Deb Sold on) are paid in cash in the month they are 00 Debs in February, then the total e expenses for February is: $ 1.04 $ 1.54 $ 0.34
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?