Jay sells maintenance pills for a pharmaceutical company. He is paid 7% of sales up to 40,000 pesos, 12% of the next 35,000 pesos, and 16% of sales beyond 75,000 pesos. How much will his total commission be if his total sales amount to? a) 52,500 pesos b) 110,000 pesos

Jay sells maintenance pills for a pharmaceutical company. He is paid 7% of sales up to 40,000 pesos, 12% of the next 35,000 pesos, and 16% of sales beyond 75,000 pesos. How much will his total commission be if his total sales amount to? a) 52,500 pesos b) 110,000 pesos

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: ogi’s Construction has a $100,000 line of credit at the Jellystone Bank. The annual percentage rate…

A: Calculation of current interest rate = 6% + 3% = 9%

Q: Koykoy is a sales agent of Mikoy Car Company. He was able to sell reposed car worth $648,000.00. He…

A: The sales commission is paid to a sales agent on the net selling price instead of the worth of the…

Q: Show excel formula please. Reymundo purchases a property for $300,000. He gets a 2.00% 30 yr fixed…

A: The PMT function or concept can be used to determine the periodic payments required to accumulate a…

Q: Sven Lundgren buys a three-year-old Chevrolet from a car dealer for $18,800. He puts $300 down and…

A: Car price = $18,800 Down-payment = $300 Finance amount =( $18,800 - $300) = $18,500 Interest rate =…

Q: Dong Yuan financed a 25000 necklace for his wife, Mei Lien. If he will be making 36 monthly payments…

A: Financing is a method that is used by individuals or corporations for the purpose of arranging money…

Q: The Bourassas decide to sell a home for $410,000. They are charged a real estate commission of 7% of…

A: given Sale Price : 410000 Commission 7% title insurance that is 1.6% of the selling price, and an…

Q: 3. Alila buys a car from Kia Motors’ hire purchase paying seven annual instalments of OMR 1,200, the…

A: Cash price = cash Payment + Annuity * PVAF ( rate, years )

Q: Rose's VISA balance is $1,880 . She may pay it off in 10 equal end-of- month payments of $200 each.…

A: Interest Rate: It is possible to calculate the interest rate by comparing the cost of borrowing…

Q: Darlene Jaworski purchases an $84.00 calculator, a gold chain for $42.50, and a book for $13.80. The…

A: Formula: Total purchases = Calculator cost + Gold chain + Book cost

Q: The Bourassas decide to sell a home for $480,000. They are charged a real estate commission of 8% of…

A: A real estate commission is a fee paid to a real estate broker or agent for their services in…

Q: Sven Lundgren buys a three-year-old Chevrolet from a car dealer for $18,300. He puts $200 down and…

A: Given, Cost of car = $18,300 Down payment = $200 Interest = 12.5% Time = 24 months = 24/12 = 2…

Q: Dick Davis buys a five-year-old used Toyota from Pioneer Auto Sales for $7,999. Hey puts $400 down…

A: Equal monthly installments = Amount / Annuity factor for the given period for the given rate of…

Q: Dakota takes a car to a title loan business to borrow some money. Dakota is giving $900. He must pay…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: n has an internet business selling paint sets. After an initial website fee each week, she makes…

A: The cost equation is a linear equation that takes into consideration total fixed costs and variable…

Q: Marquez purchases eight spark plugs at $1.65 each, six cans of oil at $1.49 per can, an oil filter…

A: Answer: We have sales tax is given as 7%, to calculate selling price we have to add sales tax on the…

Q: For his birthday, Michael choose to have a brand new car instead of debut party. His father brought…

A: Net sales price = Value of car - discount given = $980,000 - $40,000 = $940,000

Q: Anna purchases a smartphone for P28,000. She makes a 15% down payment and agrees to repay the…

Q: O,000 per year gross. They have debt as follows: a an with $450 per month payment, a visa which…

A: Annual income=$48000 and $50000Car loan=450Visa monthly payment=100Student loan=350Price of…

Q: Joseph travels from his home in Massachusetts and flies to Paris to attend meetings related to his…

A: According to the IRS (Internal Revenue Service) rules, if a trip to another country is primarily for…

Q: Mohammed got a $500 cash advance using his credit card, which charges 21.9%, compounded daily. He…

A: Credit card is one of the loan source through which a person can spend money without actually having…

Q: Humaid is paid a 7% commission on all sales. He sold goods worth RO 15,000 in a month. What is his…

A: Gross pay is the money that a person received without making any deductions.

Q: Ms. Ligaya wants to buy her dream car. However, she does not have enough money to pay for ₱5,000,000…

A: Principal amortization means an amount of principal borrowing payment included in the instalment.…

Q: and the interest is 12% compounded monthly

A: Present value computes the existing value of future benefits by discounting future worth with a…

Q: .Link wants to make $100,000 after tax on his new venture into selling pizza-on-a-stick, using a…

A: ANSWER 1. Point of indifference is the level of volume at which total costs of two…

Q: Joseph is employed with NSM limited and earns a gross monthly salary of one million from which he…

A: In Kampala commercial capital of Uganda rental income is taxed as under--- Exempt limit of…

Q: Mike has breakfast at a local restaurant and notices the sub- total for his food and coffee is…

A: The sales tax rate can be calculated as the ratio of sales tax and the bill amount

Q: a)- Calculate the current annual total inventory holding cost and annual total ordering cost b)-…

A: Hey there since you have posted multiple questions, we can answer only first three questions, kindly…

Q: Nancy Regan purchased a new diamond bracelet for $12,600. The state sales tax is 6% and the federal…

A: The selling price for Bracelet is $12,600State sales tax is 6%Federal excise tax is 11%To Find:Total…

Q: Spiros purchases a Rolex watch costing $10,200. State taxes are 5.5% and the federal excise tax is…

A: Step 1:We have to calculate the sales tax on the Rolex watchCost of Rolex watch = $ 10200Sales tax =…

Q: Kanye West needs cash so he sells $100,000 of Accounts Receivable with recourse. He is charged a 5…

A: Total expense 1) 5% commission = 5% x 100000 5000 2)fair value of recourse liability. 6000

Q: Sam bought a ring for $2,000 from Zales. He must pay at 6% sales tax and 9% excise tax. Since the…

A: Purchase price refers to the final amount that is being paid by the purchaser for buying any goods…

Q: Martis receives ₱35.00 for each unit of a product he sells. How much will his commission be if he…

A: The commission is the amount that is paid based on some standards such as sales amount, sales unit.…

Q: Deja owns a photo printing business and wants to purchase a new state-of-the-art photo printer that…

A: Statement showing Savings and Amount to be owe by Deja Particulars…

Q: Kelly found US$140 in her attic and sold it to a bank that charged her a commission of 0.35%. How…

A: Foreign exchange, often abbreviated as forex or FX, refers to the global marketplace where…

Q: An individual earns $75,000 annually. Monthly rent is $2,200, and 20% of monthly cash income is…

A: Ratio analysis refers to the ratio used for showing the financial performance of the company by…

Q: Wendell rents a stall in the public market for ₱7,000.00 a month. He has a helper who helps in his…

A: Breakeven sales revenue is that level of sales revenue at which business is only recovering its…

Q: Kevin's weekly pay is $500, plus a 2% commission on the total value of his weekly sales. This week…

A: Total Earning is the amount which includes income from all segment i.e. Fixed payment plus variable…

Q: Todd Gunderson buys a new computer system for $2,000, plus 8% sales tax. He financed the entire…

A: The purchase value of the system is $2,000, plus 8% sales tax. The installment cost is $60.…

Q: he buyer and seller. Also, the 1000 bags will be delivered in installments within the same time…

A: 1). According to the scenario, the fundamental right of the purchaser is to take the conveyance of…

Q: Ali received an invoice dated 21 March 2021 worth RM 450,000 for 100 units of laptops. The invoice…

A: Accounting payment terms seem to be the payment policies that providers place on their consumers.…

Q: Clinton Horvath purchases a $147.50 tool set and a tool box for $27.55. The sales tax rate is 6%.…

A: Formula: Sales tax amount = Total purchase value - original goods value

Q: A man buys a three-year-old Chevrolet from Skunk Motors for $14,600/ He puts $300 down and finances…

A: Monthly payment (pmt) formula: PMT=P×r121-1+r12-n where, p=principal n=number of payments

Question

a) 52,500 pesos

b) 110,000 pesos

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 by step

Solved in 2 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

Ms. Ligaya wants to buy her dream car. However, she does not have enough money to pay for ₱5,000,000 full price of the car. She negotiated with the sales agent and paid a down payment of ₱2,000,000 and borrowed ₱3,000,000 from Pure Gold Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Ms. Ligaya will make payments of ₱826,470.14 at the end of each year. How much will be the principal amortization on the 2nd payment? (Provide solution/ explanation)a. ₱706,470 b. ₱724,118 c. ₱734,729 d. ₱754,683
9. Rolland Hendricks purchases three flashlight batteries at $.89 each and two rolls of film at $1.99 each. He also has two rolls of film developed at $5.49 per roll. The sales tax rate is 3%. a. What is the total selling price? b. What is the sales tax?
Ali is a student at the University. He recently purchased a car for OMR5,000 to use it for going to the University. Ali also expects that other friends might ask for transportation from him. He expects a total monthly revenue of OMR50. He expects fuel cost to be OMR30 per month. One of Ali's friends is a taxi driver. He offered Ali to take him to University for a monthly fee of OMR20. Because he does not have to drive, Ali believes that he can perform online work that would earn him a monthly revenue of OMR20, What is the differential revenue in this scenario? Select one: O a. OMR50 Ob OMR30 Oc. OMR40 0d. OMR2D e OMR10
Catherine's monthly expenses on food, transportation, and rent are in the ratio 2 : 3 : 10, respectively. If he spends $210 on food, how much does he spend on transportation and rent? Round to the nearest cent a. What is the transportation amount? b. What is the rent amount? Your friend from Australia purchased a computer for C$3,900 while visiting you for the holidays, when the exchange rate was C$1 = A$1.0285. If the exchange rate changed to C$1 = A$1.0484, what was the change in value of the computer in Australian dollars?
Santos has a poultry farm in General Santos City. Every week, he earns 593,840 for chicen and 726,195 or eggs. Of thee earnings, he is able to save 359 a month, and the rest of his earnings is used as revolving fund. How much is his total sales a week? How much does he earn in all for 4 weeks?
Talbot purchases business machinery for a price of $100,000. Talbot pays the seller $20,000 in cash and finances the rest by giving the seller a note for $80,000. What is Talbot’s initial basis in this machinery?
Russell bought a new hot tub today from Situation Hot Tubs. What is the present value of the cash flows associated with this transaction if the discount rate is 5.70 percent, he will receive a rebate of $527.00 from Situation Hot Tubs in 1 year, and he will pay $3,973.00 to Situation Hot Tubs in 4 years? Note: the correct answer is less than zero. $-2684.29(plus or minus 10$) $-3681.45(plus or minus 10$) $-2760.68(plus or minus 10$) $-2655.87(plus or minus 10$) None of the above has plus or minus $10 to correct answer
Humaid is paid a 7% commission on all sales. He sold goods worth RO 15,000 in a month. What is his gross pay if he takes a draw of RO 500? a. RO 550 b. RO 650 c. RO 1011.5 d. RO 1050
Lois Clark bought a ring for $6,100. She must still pay a 5% sales tax and a 10% excise tax. The jeweler is shipping the ring, so Lois must also pay a $40 shipping charge. What is the total purchase price of Lois's ring? Total purchase price
Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she gained 10% of the cost price. She also paid ₱2,000 for interest onmoney she borrowed for her store. a. How much was her cost of sales? b. How much profit did she make?