You contacted costa who agreed to allow you to use their name and sell their products with an annual fee of OMR15 ,000. This is an example of; a. Service business b. Mining c. Franchise d. wholesaling

You contacted costa who agreed to allow you to use their name and sell their products with an annual fee of OMR15 ,000. This is an example of; a. Service business b. Mining c. Franchise d. wholesaling

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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Problem 1 - FIT, Inc., operates a chain of sporting goods stores in the southwestern United States. Each store has a store manager, several sales associates, and two or three office staff personnel. The store manager is paid $4,000 per month plus a bonus based on the amount of sales. Sales associates receive a salary of $3 per hour and a commission of 3% of their total sales. Office staff receive hourly wages. Each of the stores is leased at a monthly rent of $6,000. Required: Classify each of the following costs incurred by FIT as fixed, variable, or mixed: ____________ (a.) Office staff salaries relative to the amount of sales recorded by an individual store ____________ (b.) Store manager’s compensation, relative to the amount of sales recorded by a store ____________ (c.) Cost for bags (used to bag each customer’s purchase) and cash register tape relative to amount of sales recorded by a store ____________ (d.) Lease cost relative to the amount of sales recorded by a store…
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emaining Time: 1 hour, 38 minutes, 03 seconds. * Question Completion Status: QUESTION 5 XYZ company provided the following information: Sales Accounts payable Selling expenses Administrative expenses Other revenues $134,500 15,500 37,000 13,000 27,000 95.000 24,000 22.000 Cost of goods sold Cash Other expenses Required: Calculate the following (SHOW YOUR CALCULATIONS) 1. Gross profit For the toolbar. press ALT+F10 (P) or ALT+FN+F10 (Mac). Paragraph 2. Net income/ loss (note: specify whether the company had net inçome or set los) EEA v10pt V Arial BIUS Click Save and Submit to save and submit. Click SaveAll Aners t se el s 米 esc