Clear and complete solution please thank you p. In a certain British Company the badc pay g a mechanical engineer as salesin addition he receives | 2 %over f 3,500 and 3% on sales over £ 6,00. How muchengineer as sales engineer if f 52commission on his salesPay did hu receive ma week when he sold f1,800 worth of products.perweek,

Amount received per week = Basic pay per week + commission received on sales Here basic pay is…

). In a certain British Company the basc pay og a mechanical engineer as sales engineer as sales engineer if t 52 per week, in addition he receives 2 commission on his sales Pay did over f 3,900 and 3% on sales over £ 6,0 . How much £ 1, 8UD worth of products: he receive m a week when he sold

). In a certain British Company the basc pay og a mechanical engineer as sales engineer as sales engineer if t 52 per week, in addition he receives 2 commission on his sales Pay did over f 3,900 and 3% on sales over £ 6,0 . How much £ 1, 8UD worth of products: he receive m a week when he sold

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: Calculating the Total Overhead Variance Standish Company manufactures consumer products and provided...

A: Standard costing means where standard is set for various cost element and actual cost is then compar...

Q: 12. A 90-day, 15% interest-bearing note receivable is sold to a bank with recourse after being held ...

A: The promissory note which states the amount to be received by a lender from the borrower is stated a...

Q: otal Manufacturing costs are also known as product costs. Which of the following best describes thos...

A: Solution Concept Total manufacturing cost basically means the cost that is required to manufacture t...

Q: Vaasa Chemicals makes a product by way of two processes – Mixing & Refining. Its process costing sys...

A: Dear Student, as per bartleby guidelines we are supposed to answer only first subparts. kindly post ...

Q: A serious exposure in the ordering process of the expenditure cycle is increased inventory costs. Wh...

A: Inventory Cycle: The inventory cycle is the method involved with getting, arranging, and dealing wit...

Q: Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry...

A: Solution Concept Accrued income means the income that is earned but not received yet The accrued inc...

Q: Lucio imported brand new luxury car from Europe for personal use of Lucia. Total Landed cost was P13...

A: Customs duties: Any goods imported into the parent country by any individual or commercial organiza...

Q: accrued income in retained earnings at the end of year 2? a.Understated b.Cannot be determined from...

Q: On May 1, 2021, Duck Corporation issued $2,000,000 of 8% nonconvertible bonds at 104, which are due ...

A: Isssue Price of Bonds ($2000000 * 104%) $20,80,000 Fair market value of bonds ($2000000 * 95...

Q: Lando, a family man decided to open up his own Laundry Shop. He named it: Lando Laundry The followin...

A: Journal entry: It is the first step of recording transactions of a company. Before this, no other ...

Q: Salaries payable amounting to P 34,000 was not recorded in 2021. Accrued vacation pay for the year 2...

A: Rectification of error refers to the process of finding out the mistakes made in recording the trans...

Q: What was the Federal Estate Tax: Prior to the Bush Tax Cuts? After the Bush Tax Cuts? Did the Obama ...

A: Administration Exemption level Tax Rate Years in Effect 1. Prior to Bush Tax Cuts (Bil Clinton, 19...

Q: Tijuana Brass Instruments Company treats dividends as a residual decision. It expects to generate $2...

A: A dividend is the distribution of a part of a company's earnings to a selected group of shareholders...

Q: A owner of a bike shop specializes in custom-built bikes. The Sales Manager & CFO want to talk to th...

A: Conventional method of recovering overhead based on single overhead basis is not a proper allocation...

Q: For the month of December, the records of ABC Corporation show the following information: Gross sale...

A: Gross sales = cash sales + credit sales Credit sales = Gross sales - cash sales = P120,000 - P60,00...

Q: Calculate earnings per share for 2020 as it should be reported to shareholders. (Round answer to 2 d...

A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of...

Q: Juana, a Filipina died in Ukraine left the following properties House and lot in Ukraine 1,500,000 V...

A: The correct answer is given in the following steps for your reference

Q: Find the future value of the ordinary annuity. Interest is compounded annually. R=8000; i=0.07; n=15...

A: Future value of ordinary annuity = P x [(1 + i)^n - 1]i where, P = Annuity amount i = rate of inte...

Q: Construct the statement in changes of equity:

A: Hyrule Motors is a motorcycle repairs and maintenance services provider. Some transactions for the m...

Q: EXERCISE 2.1 Make the TABLE to show the division of net income/net loss and give the CLOSING ENTRIES...

A: A partnership firm refers to where the partners do business and share the profit and losses that are...

Q: In year 2022, payment of rent for the month is debited to Rent Income. What is the effect of the err...

A: Correct entry: Debit: Rent expense Credit: Cash Entry recorded: Debit: Rent income Credit: Cash ...

Q: Robertson Company had purchased an equipment on January 1, 2019 for P 4,800,000. The entity used the...

A: Depreciation is the amount of expense which is shown in the income statement to show the decrease in...

Q: Rhino Company, a real estate entity, had a building with a The building was used as offices of the e...

A: Given information, Carrying amount of building =P20,000,000 Fair value of building =P35,000,000 Ca...

Q: Peter operates a dental office in his home. The office occupies 250 square feet of his residence, wh...

A: A business's expenditure is the cost of operations spent in order to generate revenue. As the old sa...

Q: Accounting The James Company is farming land that has been leased from the state for 7 years. After ...

A: Provision for asset restoration is an obligation/liability that is calculated at the expected amount...

Q: 1. Distinguish litigation from mediation 2. Compare mediation from conciliation and arbitration.

A: A lawsuit is referred to as litigation in legal terms. More specifically, it's the procedure through...

Q: Find the payment made by the ordinary annuity with the given present value. $216,967; quarteriy paym...

A: Ordinary Annuity (End) = r * P / {1 – (1+r)-(n)} Working:

Q: On January 1, 2021, C Company sold equipment with a carrying amount of 4,800,000. It accepted a noni...

A: Interest income for 2021 = Present value of note x prevailing rate of interest x no. of months in ca...

Q: On January 1, 20XI, Parent Company purchased 80% of the common stock of Subsidiary company for $316,...

A: The simple equity method is a method used by the parent company to record the purchase of its share ...

Q: A saver places £7,000 in an account. The account pays interest at the rate of 5% per year. She leave...

A: Using the equation M = P (1 + i)n M= 7000(1+5%)^4 = 8508.54

Q: XYZ, Inc. reports taxable income of $200,000 for 2008 and has a 30% marginal tax rate. The tax rate ...

A: Journal entry are the first step in accounting process, signifying the recording part, entries are r...

Q: If a bank has the following ratios, it can pay up to of its earnings as dividends. Tier 1 leverage =...

A: In this question we will find Earning as dividend Given, Tier 1 leverage = 4.7 % Tier 1 common equit...

Q: The following are budgeted data: January February March Sales in units 15,600 21,200 18,600 Producti...

A: Formula: Purchase of raw materials = Total produced units + Ending inventory - Beginning Inventory

Q: onth of sale, 30% in the month following sale, and 15% in the secon le. The remainder is uncollectib...

A: Calculation of Cash Receipt for the month of April. In the month of April, the cash receipt pattern ...

Q: Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question ...

Q: Preparing performance reports that contain data only about items that a specific manager controls is...

A: Performance report: It implies to a document that is created to show the outcome or results related ...

Q: Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standard...

Q: Cost of acquisition of capital asset being immovable property acquired through gift covered u/s 49(4...

A: ANSWER Option D = Actual cost of acquisition to the previous owner

Q: During your audit of the books of Colorado Corporation for the year er December 31, 2021, you discov...

A: Accrued income refers to income earned but not yet received. Example - Rent receivable Accrued expen...

Q: The following data are used for questions 7 to 11 The AAA Company build wooden bookshelf wall units....

A: Total purchased cost is an accounting concept that includes all the costs which are associated with ...

Q: A customer leaves a $500 deposit with a firm in order to rent power tools. Scenario A: The customer...

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder. Profi...

Q: Which of the following is not a characteristic of non-counterbalancing error? a. If not detected, t...

A: The errors which are not automatically corrected in the following accounting period is known as Non-...

Q: Nicole organized a new corporation. The corporation began business on April 1 of year 1. She made th...

A: Organizational expenses are those which are directly related to the formation of the firm. If the co...

Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estima...

A: The budgeted income statement contains all of the line items found in a typical income statement, wi...

Q: c) Based on the Minimum Accept

A: If we are in a place of project engineer, we have been tasked to analysis and torecommend to company...

Q: Calculate the 2020 tax liability and the tax or refund due for each situation. Round your answers to...

A: Taxable Income Adjusted gross income $64,800 Less: Greater of itemized o...

Q: A company has a share capital of RM1,000,000 fully paid. However, it has made losses and now has a r...

A: Capital reduction is the scheme as the name itself suggests that the scheme by which there will be r...

Q: The Soma Inn is trying to determine its break-even point. The inn has 75 rooms that are rented at $6...

A: Answer 1) Calculation of Break-even point in rooms Break-even point in rooms = Total Fixed cost per ...

Q: What is the carrying amount of the loan receivable on December 31, 2021?

A: Carrying amount of the loan receivable is the amount of loan which is due and the present value of t...

Q: Top executive officers of Tildon Company, a merchandising firm, are preparing the next year's budget...

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Question

Clear and complete solution please thank you

p. In a certain British Company the badc pay g a mechanical engineer as sales
in addition he receives | 2 %
over f 3,500 and 3% on sales over £ 6,00. How much
engineer as sales engineer if f 52
commission on his sales
Pay did hu receive ma week when he sold f1,800 worth of products.
per
week,

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 with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Money Management and Achieving Financial Goals

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

Len-Len is a saleslady who has a monthly salary of ₱22,500. Her total sales for the month amount to ₱65,000. How much is her GROSS INCOME for the month: a) if each product costs ₱520 and he is paid ₱46 for each product he sold? b) if she is paid 8% of sales up to ₱50,000, 12% of the next ₱30,000.00 and 15% of sales beyond ₱80,000.00?
7. The Monty Corporation has a staff of sales people who are paid a monthly salary of $1,200.00 plus an incremental commission based on the table below. If Sally sells $25,700.00, what is her total gross pay for the month? Level Sales Volume CommissionRate 1 9,100–17,600 5.1% 2 Over 17,600 6% A.$2,583.60 B.$2,683.60 C.$2,783.60 D.$2,883.60
Calculate the earnings of G. Henry using the straight piecework incentive scheme from theinformation provided below.INFORMATIONG. Henry is employed by Royal Manufacturers and is paid R250 per hour. His normal working day is 9 hours. Thestandard time to produce a product is 5 minutes. If G. Henry produces more than his quota, he receives 1½ timesthe hourly rate on the additional output. G. Henry produced 132 units for the day.
1. Banner House Inc. gives all its sales people a base salary of $39,000 per annum and a commission of 8% on all banners that they sell over $5,000. Calculate Courtney's salary last month if she sold $11,000 worth of banners. 2. Patrick, a sales representative at a jewelry store, receives a 2.00% commission for the first $10,000 in sales she makes, 4.00% for the next $30,000, and 6.00% thereafter. If she was paid $2,500.00 in commissions last month, calculate the amount of sales she made. 3. Jesse works for a clothing boutique store as a salesperson. She receives a monthly base salary of $900 and earns a commission on sales over $20,000. If she earned $8,000 last month and she made $110,000 in sales, calculate her commission rate.
Ideal Prepaid Namibia (IPN) is well established company that specialises in offering prepaid solutions to the Namibian market. The company has five employees and their labour policy is listed as below:Basic salary= $5 000 per month Normal working hours = 40 hours per week (five days at eight hours a day); 52 weeks per year Public holidays per annum= 9 days Annual leave = 4 weeks Idle time = 10% of available time Annual bonus = 1 month basic salary received at year end Housing subsidy = $3 000 per quarter Deductions; PAYE = 15% of taxable income Medical aid = 10% of gross on a 2:3 basis between organisation and employee SSC(social security) = 3% of gross on a 50:50 basis between organisation and employee Pension fund = 7.5% of basic for which the organisation is liable for 50% of the contribution Required to;1 Calculate the weekly wage per employee (excluding annual bonus).2 Calculate the total annual cost to the company for all employees working at IPN.3 Calculate the hourly recovery…
Azree an accountant, working for a foreign consultant firm and earning RM 78,000 per year is contemplating giving up his job and set up his own tax consultant firm. He estimates that renting an office would cost RM 780 per month, hiring a secretary with salary RM 1,500 per month and purchasing for required supplies would cost him RM 10,000 per annum. He estimated that his total revenues for the year would be RM 120,000. a) Calculate the explicit cost and implicit cost
1.AA Corporation sells Product Rainbow for P5 per unit. The fixed costs are P210,000 and the variable costs are 60% of the selling price. What would be the amount of sales if Pearl is to realize a profit of 10% sales? 2.BB Company pays time and a half for hours in excess of 40 hours per week. If an individual is paid P48 per hour and works 44 hours a week the weekly earnings will amount to
Schrute 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 $225,000
im's business earns $10,000 per month. Kim's non-employee expenses are $3,000 per month. If Kim wants $2,000 in profit per month, how many employees can Kim have if each employee costs $1,000 per month?
Ian’s gross monthly salary is $9,696 on net sales totalling $92,746. If her base salary is $1,550 per month, what is her percent rate of commission on sales exceeding her quota of $21,000?
Sharon is a manufacturer's representative selling office furniture directly to businesses. She receives a monthly salary of $2000 plus a 2.2% commission on sales exceeding her quota of $150,000 per month. a. What are her earnings for a month in which she has $227,000 in sales? (Round your answer to the nearest cent.) Earnings = b. If her average monthly sales are $235,000, what straight commission rate would generate the same average monthly earnings as her current basis of remuneration? (Round your answer to four decimal places.) Commission rate =
1. How much commission will you earn if your sales amounted to P140 950 and you receive a fixed commission rate of 6%? 2.How much will be your total earnings if you received a fixed salary of P25 000 and a bonus of 8% if you exceed your sales quota of P50 000 (for the total sales, refer to number 1)?3.How much will be your supervisor's override commission on your sales if she receives 2% (refer to number 1)?