Sarah Jones earns $555 per week selling life insurance for Farmer's Insurance plus 6% of sales over $5,750. Sarah's sales this month (four weeks) are $24,000. How much does Sarah earn this month? (Round your answer to the nearest cent.) Amount earned < Prev Next > 13 of 15

Sarah Jones earns $555 per week selling life insurance for Farmer's Insurance plus 6% of sales over $5,750. Sarah's sales this month (four weeks) are $24,000. How much does Sarah earn this month? (Round your answer to the nearest cent.) Amount earned < Prev Next > 13 of 15

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: Liam had an extension built onto his home. He financed it for 48 months with a loan at 4.9% APR. His…

A: Loan (mortgage) amortization schedule refers to a schedule which is prepared to shows the periodic…

Q: Zoe has an investment account that earns 6% annual interest, compounded daily. Holly has an…

A: For Zoe: Annual percentage yields (APY) = 1+rnn-1 Where, r = annual interest = 6% n = number of…

Q: Jeffery Simpson sells widgets for Colorful Toys, Inc. His annual salary is $50,000 per year and he…

Q: Kallen receives a base salary of $800 per month plus 5% on all sales over $15,000. If Kallen sold…

A: Gross pay = Base salary + Commission on sale

Q: Q- Abbys bi- weekly gross income is 1450 but only 1,200 is deductions add up to? Q- Steve's bi-week…

A: Net Income: In order to determine one's "net income," one must first determine one's "gross income,"…

Q: Summary Practice Test - 5. Claire Russell is buying a car. Her November monthly interest was $210…

A: Given information: Monthly interest rate : $210 Interest rate : 7.75%

Q: Last month, Kaitlin's average daily balance on her credit card was $1,356.44. The annual interest…

A: From the given information, The minimum payment on the card is the interest charge plus 2% of the…

Q: Sold a two-story house and lot amountinf to $106,000. The 7% commission will be collected next…

A: Journal entries are the entries passed in the books of accounts to record the business transactions…

Q: Shashi Rimoko earns $620 per week as a chef. He has group medical and dental insurance. Medical…

A: Insurance costs are the costs of getting coverage against risks. While a portion of the costs are…

Q: Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her…

A: In the given question, the amount is to be paid quarterly. Therefore, the effective rate to be used…

Q: Tim Houston purchased a wall unit for $2,300. He made a $600 down payment and financed the balance

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Amount of loan = Purchase cost - Down payment = $5,030 - $1300 = $3730

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Previous Month's Balance = $646.17 Finance = $14.54 Purchases and Cash Advances = $32.45 Payments…

Q: David is paid a monthly salary of 12,000 and earn a commission of 4% in sale. If he sold the total…

A: The gross pay is the sum total of monthly salary and commission on sales.

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Loans are paid back in fixed periodic payments. The amount of the periodic payments depends on the…

Q: Ansm Audrey worked a part-time job during college to help pay for various expenses. She also set…

A: Here, Monthly Savings (PMT) is $200 Return earned (r) is 10.6% Compounding Period (m) is Monthly i.e…

Q: insky owns a new Volvo. His June monthly interest is $400. The rate is 8 ½%. Matty's principal…

A: Given Monthly interest = $400 i=8.5% pa or 0.71% per month n =30 days

Q: A Hepplewhite sofa costs $3,200 in cash. Jaquanna Wilson will purchase the sofa in 24 monthly…

A: EMI or monthly mortgage payments are the fixed amount paid by the borrower to the lender that…

Q: Rajiv has a part-time job on the weekends. His net earnings for one month are shown. Pay Date Net…

A: Savings on April 01 is $142.40 Savings on April 08 is $137.29 Savings on April 15 is $143.57…

Q: Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance…

A: The yearly rate that borrower pays on loan and investors receives on deposits is the annual…

Q: ing a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans…

A: Given, Cost of refrigerator = $1,899 Sales tax = 7.25% Annual percentage rate (APR) = 18.9% Monthly…

Q: I earn $475 per week at my job at WalMart. How much do I earn in a month? Gross pay: My taxes are…

A: The net pay received after particular tax deductions varies on a number of variables, including the…

Q: Rebecca carries a balance on her credit card each month. Today is the first day of the new. 28-day…

A: A credit card is a financial service offered by banks and other financial institutions to their…

Q: Mark deposits $900 at the end of each month in a savings account earning 4.5% quarterly. How soon…

A: Future value refers to the future value of the cash flows that are compounded over a given period of…

Q: isabele drives truck for 12.75 per hour. if she workd 40 hours what will her gross earnings be for…

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous…

A: Finance charges are described as the cost of borrowings or the cost of funds. Thus, it is the…

Q: lex makes $20 an hour as a dental assistant. She works 8 hours per day, and 80 hours on each…

A: A paycheck is a document issued by an employer to an employee, which outlines the amount of money…

Q: Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance…

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

Q: Tim Houston purchased a wall unit for $2,400. He made a $800 down payment and financed the balance…

A: Step 1 APR The annual percentage rate is the rate that investors receive on deposits and that…

Q: Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her…

Q: Bob has saved $555 each month for the last 3 years to make a down payment on a house. The account…

A: Future value is a financial concept that represents the value of an asset or investment at a…

Question

100%

Sarah Jones earns $555 per week selling life insurance for Farmer's Insurance plus 6% of sales over $5,750. Sarah's sales this month
(four weeks) are $24,000. How much does Sarah earn this month? (Round your answer to the nearest cent.)
Amount earned
< Prev
13 of 15
Next >

Expert Solution

Step 1

Solution:

Sarah earnings = weekly salary*4 + 4% of excess sales

= 555*4 + (24000-5750)*4%

= 2220 + 730

= $2,950

Trending now

This is a popular solution!

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

6. Roman Zapata sells electrical fixtures for The Lighting Center. He is guaranteed a salary of $560 a month or 11% of his total sales, whichever is greater. What is his gross pay for a month in which his total sales were $8975? Willis Vooal sells for Hervev's K Cize -UurGirālnieed $3.20 pernour pemod he workec
You are paid a base weekly salary of $362 and earn 6.5% commission on your sales at a furniture store. What is your total earnings for the year if you achieved a total sales of $231, 611.60?
a
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $647.17 $11.33 $38.45 $85.00 $611.95 May $ $ $284.33 $125.00 $
What is Lucy’s net pay? Show all your work
Sebastian sells cars for a living. Each month, he earns $1,400.00$1,400.00 of base pay, plus 11.3%11.3% of commission from his sales. One month, Sebastian made $44,400.00$44,400.00 in sales. How much income did he earn in total in that month?
Emily is buying a new car for $1,700. The dealer is charging her an annual interest rate of 10.2%. If she pays off the loan in 24 months, what are her monthly payments? If she makes a down payment of $210, how much will her monthly payments be? Round to two decimal places. OA. $170.57; $74.75 B. $170.57; $10.54 C. $85.28; $74.75 O D. $145.28; $10.54
Nick Andrewson uses gas to heat his home. He has accumulated the following information regarding his monthly gas bill and monthly heating degree-days. The heating degree-days value for a month is found by first subtracting the average temperature for each day from 65 degrees and then summing these daily amounts together for the month. Month Heating Degree-Days Gas Bill February 850 $129 April 300 $ 52
Watson's hourly wage is $18, and his net pay is 72% of his earnings. Watson spends about $1,800 on his monthly expenses. If Watson works 40 hours per week and has no other sources of income, what is his total monthly cash inflow? (Hint: Assume that there are 4 pay periods per month.) a. $2,073.60 b. $1,800.00 C. 51.080.00 d 5272.60