Schrute Farm Sales buys portable generators for $460 and sells them for $740. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $4,000 a month rent for his store, and also pays $2,200 a month to his staff in addition to the commissions Mr. Schrute sold 400 generators in June. If Mr. Schrute prepares a traditional income statement for the month of June, what would be his gross profit? $112,000 B. $480,000 $184,000 D. $296,000
Q: 1. James works as a salesman in Octagon Blitz, a computer, gaming, and multimedia store. Last month,…
A: The sales commission is based on the sales revenue earned during the period.
Q: Schrute Farm Sales buys portable generators for $460 and sells them for $750. He pays a sales…
A:
Q: Paul’s Pool Service provides pool cleaning, chemical application, and pool repairs for residential…
A: A budget is the statement of expected future expenses and revenues for a specific period of time.…
Q: 4. Wilbur Schuch sells farm chemicals. He is paid a commission of 8% of his first $6000 in sales…
A: Commission % of first 6000 of sales = 8% Commission % of sales over 6000 = 12% Sales = 14,680 Sales…
Q: Paul’s Pool Service provides pool cleaning, chemical application, and pool repairs for residential…
A: Budget is a statement prepared to know the estimated values of different line items in an…
Q: Jasper Hall sells farm chemicals. He is paid a commission of 9% of his first $6,000 in sales during…
A: The total commission earned can be calculated as per the given structure. He will earn a commission…
Q: Mark Diesel owns the Fredonia Barber Shop. He employs 7 barbers and pays each a base salary of…
A: Total unit variable cost per haircut = Commission expense + Utilities expense + Barber supplies…
Q: Miguel Valdez sells appliances. He is paid an 8% commission on the first $5,000 worth of sales, 10%…
A: Mr. M would earn commission based on the given structure. First $5,000 worth of sales would earn…
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: a. Calculate his total profit or loss made from the sale of the phones. Round to the nearest…
A: A trade discount is a discount given by the manufacturer to the seller. It deducts from the list…
Q: Marwick’s Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of…
A: preparation of traditional format income statement and contribution format income statement for…
Q: Each autumn, as a hobby, Anne Magnuson weaves cotton place mats to sell through 3 local craft shop.…
A:
Q: Elliott, Inc., has four salaried clerks to process purchase orders. Each clerk is paid a salary…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Marwick’s Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of…
A: Income statement as per traditional method is the one that determines the gross profit and net…
Q: Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential…
A: Budgeting seems to be a technique used mostly by businesses to make comprehensive forecasts of…
Q: As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales…
A: Sale = 48,680 Sales tax rate = 6.50%
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: Schoenen Motors is a small car dealership. On average it sells a car for $33,000, which it purchases…
A: Break-even refers to covering all the costs without making a profit. At break-even point company…
Q: Is the following expense deductible: Data runs a computer servicing company. He purchases office…
A: All the expenses incurred in connection with the business is deductible expenses.
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: House of Organs, Inc., purchases organs from a well-known manufacturer and sells them at the retail…
A: Income statement represents the net income that is calculated by deducting the expenses from the…
Q: compute the following. 1. Engelbert is a Marketing Manager earning an annual salary of P150 000, a…
A: 1. The sales commission is an additional compensation over their salary, the employees receive for…
Q: D) Logan company pays Okamoto a $9,000 monthly salary plus a 4% commission for sales over $60,000.…
A: Commission is certain percentage of amount the sales person sells. D. basic salary = $9000 over…
Q: Portable Power Inc. buys portable generators for $470 and sells them for $750. They pay a sales…
A: A contribution margin is an excess value of sales revenue over the variable cost. It is also an…
Q: Hewitt Enterprises is a business that buys and sells printers at a profit and has the following…
A: Since cost assumption of the business enterprise is not mentioned. We are assuming that latest price…
Q: BM Motors, Inc. employs 40 sales personnel to market its line of luxury automobiles. The average car…
A: An indifference point is a point where both proposals provide the same results.it is also known by…
Q: Nick Billups is paid a salary of $900 a month, a 2% commission on all sales, and 1.8% more on…
A: JUNE SALES = $48,500 SALARY FOR JUNE = $900 COMMISSION CALCULATION ( A ) 2% ON ALL SALES = 2% X…
Q: Klee Motors is a small car dealership. On average, it sells a car for $24 000, which it purchases…
A: The break-even point is the situation where the company is able to meet its expenses with its…
Q: ClipClop record in connection with the April sale? $7,680 $20,000 $0 because ClipClop does not know…
A: As per relevant standard if the entity believes that it is probable that a discount will be provided…
Q: 2. Matt is a Product Manager earning a semi-monthly salary of P5 500. He is given commission of 2.5%…
A: The gross earnings of the employees represent the total income before accounting for any deductions…
Q: Classical Glasses operates a kiosk at the local mall, selling s unglasses for $30 each. Classical…
A: Compute the sales levels at which Classical Glasses would prefer to pay a fixed amount of monthly…
Q: Bob Farrell works for a company that manufactures small appliances. Bob is paid $2.00 for each…
A: Weekly gross earning = Pay for toaster + Pay for microwave oven + Pay for Blender
Q: Schoenen Motors is a small car dealership. On average, it sells a car for $27,000, which it…
A: Break even point is that point at which there is no profit and no loss and business is recovering…
Q: Crystal’s gross monthly salary is $9,797 on net sales totalling $114,641. If her base salary is…
A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…
Q: 1.Jill is paid a yearly salary of $90,000. How does she make per month?
A: Salary is the payment form from the employer to the employees, which might be specified the contract…
Q: The AAA Branch of SSS Company provided the following information related to its operations for the…
A: Contribution is calculated as a difference between sales and Variable cost. When Contribution is…
Q: You are paid a base weekly salary of $362 and earn 6.5% commission on your sales at a furniture…
A: Total earning = Total salary + Commission on sales
Q: A saleslady in Fortuna mall receives a monthly salary of Ρhр 12,000.00 рlus 10 % on all sales for…
A: Gross pay is defined as the aggregate earnings of the individual through out the period or year…
Q: Terry is a salesman who has a monthly salary of 25,000 pesos. His total sales for the month amount…
A: a. GROSS INCOME for the month = monthly salary + total sales x 4% = 25,000 pesos + 170,000 pesos x…
Q: Ganja Motors is a small car dealership. On average, it sells a car for $54,000, which it purchases…
A: The point where the costs are recovered and neither profit nor loss occurs is called the break-even…
Q: George Robinson recently fulfilled his long-time dream of opening a gym that offers spinning…
A: 1. Contribution - Contribution is derived by deducting Variable Costs from Revenue. Contribution is…
Q: Jay woks as a salesman for a software company. This month, his sales amount to 450,000 pesos. How…
A: Solution a: Sales commissions = P450,000 * 11% = P49,500
Q: Home Entertainment is a small, family-owned business that purchases LCD televisions from a reputable…
A: Income statement is a statement showing the net result of revenue and expenses of an organization.…
Q: Stellar, Inc. is a distributor of prepaid telephone cards to customers in its convenience stores.…
A: The distributor is the person who purchases the products from the manufacturer and sells the product…
Q: Sunland Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base rate of…
A: Break-even analysis is a technique widely used by the production department. It helps to determine…
Q: Grainne is an inside saleperson who earns an annual salary of $32800(paid biweekly) plus commission…
A: Gross pay Gross pay is employees receives money before taxes, benefits and other payroll deductions…
Q: A certain man works in sales and earns a base salary of $1100 per month plus 6% of his total sales…
A: As per our Honor code policy, we are authorized to answer only three sub parts at a time. So, we are…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 1 images
- Schrute Farm Sales buys portable generators for $450 and sells them for $770. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $5000 a month rent for his store, and also pays $1900 a month to his staff in addition to the commissions. Mr. Schrute sold 200 generators in June. If Mr. Schrute prepares a contribution margin income statement for the month of June, what would be his variable costs? $56,300 $251,700 $97,700 $154,000Schrute Farm Sales buys portable generators for $460 and sells them for $750. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $7000 a month rent for his store, and also pays $1800 a month to his staff in addition to the commissions. Mr. Schrute sold 300 generators in June. If Mr. Schrute prepares a contribution margin income statement for the month of June, what would be his contribution margin? Question 49 options: $75,750 $149,250 $374,250 $225,000Betsy's Gift Baskets sells gift baskets, on average, for $125; each gift basket costs, on average, $60. Betsy pays salaries each month of $1,300 and her store rent is $1,000 per month. She also pays sales commissions of 5% of the sales price. In May, 140 gift baskets were sold. Required: a. Prepare a traditional income statement for the month of May. b. Prepare a contributio
- Owens sells computers. He purchases the computers for $460 each and incurs $6,000 in fixed operating expenses each month. The average cost per unit is a. $520 if owens make and sells 100 units of product b. $580 if owens make and sells 50 units of product c. $700 if owens make and sells 25 units of product d. all the answers are correctIt costs Homer's Manufacturing $0.65 to produce baseballs and Homer sells them for $4.00 a piece. Homer pays a sales commission of 5% of sales revenue to his sales staff. Homer also pays $16,000 a month rent for his factory and store, and also pays $81,000 a month to his staff in addition to the commissions. Homer sold 69,500 baseballs in June. If Homer prepares a traditional income statement for the month of June, what would be his gross profit? Question 30 options: $45,175 $278,000 $323,175 $232,825Phil makes and sells rugs at his roadside stand. His monthly fixed cost for owning the stand is $1500. If he makes and sells 12 rugs, his total costs are $1548 and he brings in $408 in revenue. Find Phil's monthly cost, revenue, and profit functions (assuming they are linear). Let x be the number of rugs made and sold each month.
- Patricia's Quilt Shoppe sells homemade Amish quilts. Patricia buys the quilts from local Amish artisans for $220 each, and her shop sells them for $370 each. She also pays a sales commission of 4% of sales revenue to her sales staff. Patricia leases her country-style shop for $800 per month and pays $1,600 per month in payroll costs in addition to the sales commissions. Patricia sold 95 quilts in February. Prepare Patricia's traditional income statement and contribution margin income statement for the month. Prepare the traditional income statement for the month. Patricia's Quilt Shoppe Income Statement For the Month Ended February 28 Less: Less: AAs the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales tax. If sales for the month are 48,680, find the combined amount of sales and tax. Thomas Dugally of Century 21 Real Estate sold a small home for 174,900. The commission was 6% of the sale price. Since Dugally both listed and sold the home, he receives 60% of the commission, and his broker receives the remainder. Find the amount received by Dugally.Schoenen Motors is a small car dealership. On average it sells a car for $33,000, which it purchases from the manufacturer for $29,000. Each month, Schoenen Motors pays $66,000 in rent and utilities and $73,000 for salespeople's salaries. In addition to their salaries, salespeople are paid a commission of $700 for each car they sell. Schoenen Motors also spends $12,000 each month for local advertisements. Its tax rate is 40%. Required 1. How many cars must Schoenen Motors sell each month to break even? 2. Schoenen Motors has a target monthly net income of $64,500. What is its target operating income? How many cars must be sold each month to reach the target monthly net income of $64,500? Requirement 1. How many cars must Schoenen Motors sell each month to break even? Schoenen Motors must sell cars each month to break even. (Round the number of cars up to the nearest whole number.) Requirement 2. Schoenen Motors has a target monthly net income of $64,500, What is its target operating…
- Ganja Motors is a small car dealership. On average, it sells a car for $54,000, which it purchases from the manufacturer for $46,000. Each month, Ganja Motors pays $96,400 in rent and utilities and $136,000 for salespeople’s salaries. In addition to their salaries, salespeople are paid a commission of $1200 for each car they sell. Ganja Motors also spends $26,000 each month for local advertisements. Its tax rate is 40%. How many cars must Ganja Motors sell each month to break even? Ganja Motors has a target monthly net income of $102,000. What is its target monthly operating income? How many cars must be sold each month to reach the target monthly net income of $102,000?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?Westover Motors is a small car dealership. On average, it sells a car for $32,000, which it purchases from the manufacturer for $28,000. Each month, Westover Motors pays $53,700 in rent and utilities and $69,000 for salespeople’s salaries. In addition to their salaries, salespeople are paid a commission of $400 for each car they sell. Westover Motors also spends $10,500 each month for local advertisements. Its tax rate is 40%. Q1. How many cars must Westover Motors sell each month to break even? Q2. Westover Motors has a target monthly net income of $69,120. What is its target monthly operating income? How many cars must be sold each month to reach the target monthly net income of $69,120?