Nick Billups is paid a salary of $900 a month, a 2% commission on all sales, and 1.8% more on monthly sales over $17,500. In June, his sales were $48,500 and in July, $50,200. a. Find his total salary and commission for June. b. Find his total salary and commission for July. 900

Nick Billups is paid a salary of $900 a month, a 2% commission on all sales, and 1.8% more on monthly sales over $17,500. In June, his sales were $48,500 and in July, $50,200. a. Find his total salary and commission for June. b. Find his total salary and commission for July. 900

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

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1-3
Name
Date
Fommission
7. Nick Billups is paid a salary of $900 a month, a 2% commission on all sales, and 1.8% more on monthly
sales over $17,500. In June, his sales were $48,500 and in July, $50,200. a. Find his total salary and
commission for June. b. Find his total salary and commission for July.
900

Expert Solution

A. Find his total salary and commission for June.

JUNE SALES = $48,500

SALARY FOR JUNE = $900

COMMISSION CALCULATION

( A ) 2% ON ALL SALES

= 2% X $48,500 = $970

( B ) 1.8 % ON SALES ABOVE $17,500

= 1.8 % X ($48,500 - $17,500) = $558

TOTAL COMMISSION = $970 + $558 = $1,528

TOTAL SALARY = $900 + $970 + $558 = $2,428

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