Don, an office equipment sales representative, earns a weekly salary plus a commission on his sales. One week his total compensation on sales of $8000 was $600. The next week his total compensation on sales of $9000 was $650. Find Don's weekly salary and his commission rate. Don's commission rate is 7%. ...

Don, an office equipment sales representative, earns a weekly salary plus a commission on his sales. One week his total compensation on sales of $8000 was $600. The next week his total compensation on sales of $9000 was $650. Find Don's weekly salary and his commission rate. Don's commission rate is 7%. ...

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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Paul’s Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 50 percent of their fees in the month the service is provided. In the month following service, Paul collects 40 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul’s busiest months: June 1 cash balance $16,000. June 1 supplies on hand $4,400. June 1 accounts receivable $9,100. June 1 accounts payable $4,300. Estimated sales for June, July, and August are $27,300, $41,000, and $43,900, respectively.…
Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 40 percent of their fees in the month the service is provided. In the month following service, Paul collects 50 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 70 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months: June 1 cash balance $16,700. June 1 supplies on hand $4,500. June 1 accounts receivable $9,400. • June 1 accounts payable $4,400. • Estimated sales for June, July, and August are $28,200, $42,300, and $45,000,…
Grainne is an inside saleperson who earns an annual salary of $32800(paid biweekly) plus commission on quarterly sales that is paid on the first pay date on the next quarter. She receives a 1% commission for quarterly sales totaling $0 to $25000, a 2% commission for quarterly sales totaling between $25,001 and $50,000, and a 3% commission for quartlerly sales totaling ovet $50,001. During the second quarter, Grainne's quarerly sales totaled $46,750. What is her gross pay for the first pay period in July? ( do not roud intermediate calculations. Round you answer to 2 decimal places.)
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