Answered: Ryan, an agent, was able to sell Mikoy…

Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%. How much will he receive if his earnings are based on commission alone?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter11: Investor Losses

Section: Chapter Questions

Problem 3DQ

See similar textbooks

Related questions

Q: Mr. So borrowed Php200,000 from a cooperative that charges 15% yearly. He used the loan to start his…

Q: Mr Ramu is a chief operating office of the company and being paid a salary of RM15,625 per month.…

A: Remuneration package is provided to the employees for their work in the organisation, it includes…

Q: 7. Etta earns a yearly base salary in addition to a commission on the sales she makes. If Etta made…

A: Lets understand the basics. Sales commission is paid to employee for making sales. When we have…

Q: Irish paid a monthly salary of 15,000.00 and earn a commission of 3% in sales. If she sold a monthly…

A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…

Q: Lauren is paid a 6% commission on total sales she sold 2 houses this week for $285,900 and $320,700…

A: FICA taxes means taxes payable under Federal Insurance Contributions Act. The rate of tax is 6.2%…

Q: If Jill’s salary increases at a 6% uniform rate per year, and she continues to invest 5% of it each…

A: The present value of annuity is computed by discounting the future payments using the specified…

Q: Cardo borrowed money from a local cooperative. He received P18,420 but promised to pay P20,000 in…

A: Present Value = 18,420 Future Value = 20,000

Q: In purchasing an automatic washing machine worth ₱30,000, Lilian pays ₱8,000 cash and agreed to make…

A: The regular payments to be made for the loan taken can be calculated using the PMT function in…

Q: A farmer invested 30% of his harvested crops in a corporation. If his profit is P350,000.00, how…

A: We’ll answer the first question as per the policy. Please submit a new question specifying the one…

Q: Galante Company provides free driver and a housemaid to its general manager, Alfredo Lobo. The…

A: This question deals with the fringe benefit tax in Philippines. In Philippines, fringe benefit…

Q: 2. Rona works for a company that pays him a basic monthly salary of 120 000 plus 6.5% commission on…

A: Lets understand the basics. For calculating gross pay, we need to use below formula. Gross pay =…

Q: Freddy runs a business selling clocks. He buys 457 clocks for $44 each (including GST) and sells…

A: solution : GST rate in Australia = 10% GST paid on purchase which can be claimed as GST credit…

Q: Ms. Walsh invested $35,000 in two accounts. one yielding 8% interest and the other yielding 9%. if…

A: Interest rate in account 1 (r1) = 8% Interest rate in account 2 (r2) = 9% Period (t) = 1 year Total…

Q: Anna has the following income for the quarter:

A: Assuming Anna is resident citizen of Phillipines :- As per…

Q: Shanice owns a food delivery business. She picks up meals from restaurants and delivers them to his…

A: In order to determine the accounting profit, all the expenses are required to be deducted from the…

Q: For his birthday, Michael choose to have a brand new car instead of debut party. His father brought…

A: Net sales price = Value of car - discount given = $980,000 - $40,000 = $940,000

Q: Seiko's current salary is $98,500. Her marginal tax rate is 32% and she fancies European sports…

A: After tax cost to company is calculated by applying the corporate tax rate on the salaries expense…

Q: The owners of a small manufacturing concern have hired a vice president to run the company with the…

A: Given, The compensation of the new vice president:First $150,000 profit=Flat salary plus 75% of the…

Q: Hillary sells cosmetics from her part time home based business. she receives a straight commission…

A: Often companies do not sell their own products directly. Instead they use third parties as…

Q: Richard purchased a car which had a selling price of 7200. He paid 30% down and agreed to pay 240 RO…

A: Installment is the periodic amount paid by the borrower to the lender in order to pay back the loan…

Q: Sonia intends to sell a cheese burger meal with a drink. It costs her P 25 per meal, and the owner…

A: Profit is the amount of money earned after deducting all the outlays from the incomes.

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: Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%.…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Carmen Santiago decided to invest $12,000 in shares of the AT&T company that pays her 5% in…

A: Internal rate of return (IRR) is a value at which PV of inflows is equal to the PV of outflows, or…

Q: M purchased a small lot in a subdivision, paying P200, 000 down and promising to pay P15, 000 every…

A: note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Joseph is employed with NSM limited and earns a gross monthly salary of one million from which he…

A: In Kampala commercial capital of Uganda rental income is taxed as under--- Exempt limit of…

Q: Mack and Gail are in the electronic and computer retail business and each of them for different…

A: Given, Mack weekly earnings = $880 Commission on sales = 8% Gail weekly earnings = $960 Commission…

Q: After graduation, Charmaine have been offered an engineering job with a large company that has…

A: Time value concept It tells that having money today is of more value than that of receiving the…

Q: If your brother received a straight commission of 6% amounting to 20,000, how much was his total…

A: Sales is the term which is defined as the transaction among two parties or more parties, under which…

Q: Kanye West needs cash so he sells $100,000 of Accounts Receivable with recourse. He is charged a 5…

A: Total expense 1) 5% commission = 5% x 100000 5000 2)fair value of recourse liability. 6000

Q: Ronnie invests $55,000 in a food truck (which has a lifespan of two years) , the net cash flows of…

A: In order to find net present value, subtract the present worth of cash outflows (or initial…

Q: A salesman earns a salary of $2000 per month plus 4% of all sales he make. The salesman make $25000…

A: Formula: Total Income = Salary + Bonus Sum of both salary and bonus derives the total income per…

Q: n in Kim's account when she first purchases the stock

A: Margin-: Margin is the capital rented from a brokerage firm to buy an undertaking. It is the…

Q: Kuldeep Singh just bought an Indian restaurant (goodwill) from Manpreet for the amount of $750,000…

A: Ordinary income is defined as any kind of income that is earned or generated by the company or…

Q: how much did Juan have

A: Introduction: A specific kind of retirement savings account is a 401(k) plan. It is a tax-deferred…

Q: Aling Minda is operating a buy and sell business, she sells broomsticks (walis tingting) in her…

A: Revenue represents the earnings of the company before deducting any expenses incurred by the…

Q: Jay sells maintenance pills for a pharmaceutical company. He is paid 7% of sales up to 40,000 pesos,…

A: Sales commission is the amount of money earned by a sales person on the sale of units on behalf of…

Q: Aji Fatou is thinking about opening a hardware store. She estimates that it would cost $525,000 per…

A: Total revenue minus explicit and implicit (opportunity) costs equals economic profit. Accounting…

Q: Michelle went to Likhang Maragondon Native Products Trading and bought 50 face mask for ₱ 16,000.00.…

A: Given :- Michelle purchased 50 face mask Cost of Face mask is 16,000 Michelle sold 40 face mask for…

Q: You were hired as the accountant of XYZ Trading, a sole proprietorship business owned by Mr.…

A: Sole proprietorship is a form of business in which a single person owns and runs the business and is…

Q: Daryl purchases $250,000 worth of life insurance at a rate of $15 per $1000. If he pays quarterly,…

A: When a person Purchases or sells Property , property taxes are paid. Life Insurance is a contract…

Q: During the previous year, X (40 years) is employed by a private company. He gets `70,000 as basic…

A: Since, it is not mentioned anything regarding the Tax Regime opted. we have taken that the Employee…

Q: Carrie Haute buys a fast-food restaurant for $500,000. She is very successfuland sells the business…

A: Given information: Future value is $1,375,000 Present value is $500,000 Number of years is 6

Q: Using the Train act shown below, how much annual tax will be paid by a salesman who earns a basic…

A: The Tax Reform for Accelaration and Inclusion Law [TRAIN Law]…

Q: Sebastian sells cars for a living. Each month, he earns $1,400.00$1,400.00 of base pay, plus…

A: Formula: Total Income = Base pay + commission from sales. Sales commission: Its a incentive to be…

Q: Mr. So borrowed Php200,000 from a cooperative that charges 15% yearly. He used the loan to start his…

A: The amount to be paid after 18 months can be calculated as the future value of loan. Given, Present…

Q: Kim opens a brokerage account and purchases 500 shares of Batliboy at OMR50 per share. She borrows…

A: Margin:- In finance, the term margin is defined as the amount of money that is borrowed from a…

Q: Jenny receives an annual salary of $51,000 plus a 10 percent commission on all sales during the year…

A: Commission on sales = (Total sales - $200,000) x 10% = ($420,000 - $200,000) x 10% = $22,000

Q: Marina has a small store. Last month, she purchased merchandise costing ₱75, 000 for which she…

A: Cost of sales means actual cost of goods that is being sold to the customers. It only includes cost…

Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%. How much will he receive if his earnings are based on commission alone?

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 < Introduction>

VIEW

Step 2 < Solution>

VIEW

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

Roberto invested 18,000 in a chicken production operation. Using nonrecourse notes, the business purchases 120,000 worth of grain to feed the chickens. If Robertos share of the expense is 26,000, how much can he deduct?
Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%. How much will he receive if his earnings are based on commission alone? a. 7,200.00 b. 7,300.00 c. 7,400.00 d. 7,500.00
Irish paid a monthly salary of 15,000.00 and earn a commission of 3% in sales. If she sold a monthly amount of 150,000.00 during the month, how much is his gross pay?
Martis receives ₱35.00 for each unit of a product he sells. How much will his commission be if he sells 244 units of the product?
Carmen who is a sales representative receives a basic salary of Php. 400,000 per year plus a commission of 10% if she sold over Php, 50,000. Compute her income for a month in which she sold goods amounting to Php. 800,000.
David is paid a monthly salary of 12,000 and earn a commission of 4% in sale. If he sold the total amount of 80,000 during the month how much is the gross pay
Sarah is the owner of Sunshine Bakery. Sunshine Bakery produces 10,000 units of bread per year and sells at the price of RM5 each. Sarah spends RM5,000 on ingredients such as flour, eggs and others to produce the 5,000 units of bread per year. She has withdrawn her savings from a bank to invest in her business. (Assume Sarah could earn an interest of RM1,250 per year from her savings). In the meantime, Sarah also borrows money from a relative for the sake of her business. The relative charges her an interest of RM1,250 annually for the loan. In addition, Sarah hires two part-time workers to help her at the bakery, paying them RM5, 000 each per year. In addition, Sarah can work at a competing bakery for RM20, 000 per year. Based on the information above, (i) Calculate Sarah’s accounting profit(ii) Calculate Sarah’s economic profit
Michelle went to Likhang Maragondon Native Products Trading and bought 50 face mask for ₱ 16,000.00. When she got back to Manila, she sold 40 of the face masks for a total of ₱ 14,000.00 and the rest as ₱ 320.00 each. How much profit did Michelle gain?
If your brother received a straight commission of 6% amounting to 20,000, how much was his total amount of sales? Php
Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.
Ester has a small store. For the current month, she purchased merchandise costing 75000 for which she paid for 7500. She sold 60% of the merchandise for 68000, after spending for various expenses totaling 13000. She also paid 2000 for the interest on a money she borrowed for her store. a. How musch was her cost of sales?b. How much gross profit did she make?c. How much operating profit did she make?
Barry wants to re-model the store that he has for his business. His cousin Diego agrees to give him $100,000, but asks for 10 percent of the profits in return. Joseph's father William is reluctant to put his own money into the business, but finally agrees to lend $100,000 to him at an interest rate of 5 percent per year, with interest to be paid every month. The agreement is put in writing. What most accurately describes these arrangements?