The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on all sales they make. Find the amount of commission and gross earnings for these employees. (Round your answers to 2 decimal places. Omit the "S" sign in your response.) Sales for the Week Name Commission Gross Earnings S 2,392.50 $ 3,480.75 Tina Valendez 24 Jan Yarrow $4
Q: A paper mill sales representative receives 6% of his total sales as commission. His sales last week…
A: Given information is: Sales = $8965 Commission on Sales = 6%
Q: Calista Flood receives tips from customers as a standard component of her weekly pay. She is paid…
A: Gross pay is the gross income earned by an employee during a year. It includes all the regular…
Q: Calculate gross pay for each of the following employees. All are paid an overtime wage rate that is…
A: Overtime wage rate = regular wage rates x 1.5 times = $11.45/hour x 1.5 = $17.18/hour
Q: Swifty Company has the following data for the weekly payroll ending January 31. Hours…
A: Gross pay is the measure of cash of the worker get before the tax and allowances . Net pay is the…
Q: A salesperson receives step commission on sales calculated as follows: 8% on first $1,000 12% next…
A: sales calculated as follows 8%on first 1000 12% next 2000 20% on sales above 3000 salespersons…
Q: Maricel Santos sells products from a direct selling company. She receives 10% commission for her…
A: Sales commission: It refers to the sales incentive paid to the salesperson on top of his base pay,…
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: Social security tax is 6% Medicare tax is 1.5% Computer programmer worked 53 hours administrator…
Q: On Friday of each week, Pearl Company pays its sales force weekly wages amounting to $ 40,000 for a…
A: Journal entry is the primary reporting that is being done in the account books related to the…
Q: Floatin Away Company has three employees a consultant, a computer programmer, and an administrator.…
A: Gross Pay: The total amount of salary, wages, overtime, commission, bonus paid by the employer to…
Q: Ramirez Company has the following data for the weekly payroll ending January 31. Hours Hourly Rate…
A: Weekly Payroll Register: The weekly payroll register is the register of payroll of employees which…
Q: For February, sales revenue is P700,000; sales commissions are 5% of sales; the sales manager's…
A: Selling expenses are all the expenses which incurred by the sales department.These expenses are like…
Q: Dusiness enterprise pays weekly salaries of $20,000 on Friday for a five-day week riod ending on…
A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to…
Q: Mason Painting Services has a weekly payroll of $25,000. December 31 falls on Wednesday and Mason…
A: Payroll represents the wages paid to the employees of the company. It is posted as salaries expense.
Q: 4. Richard Corp has the following data for the third week of December: Employee Name Classification…
A: Work in process is the cost of unfinished Goods in the manufacturing process which includes labour ,…
Q: Sharon Els sells security systems for Guardsman Security Co. Els has a monthly sales quota of…
A: An ethical issue refers to a situation or problem that requires an entity or a person to choose…
Q: Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to…
A: Company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the…
Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…
A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…
Q: please prepare the journal entries 10. Paid $162,000 for salary up to 9th March (Tuesday). All…
A: Journal - it is the book of original entry in which events are entered in chronological order i.e.…
Q: Crane Company has the following data for the weekly payroll ending January 31. Hours…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Compute Payroll Floatin Away Company has three employees-a consultant, a computer programmer, and an…
A: Gross pay of the employees means regular earnings made by the employee and all overtime earnings…
Q: December: Salary paid to marketing department, ₱40,000 (10 employees) Wages paid to labor,…
A: Introduction As per relevant standard employee expense should include bonus pay, vacation pay,…
Q: 2. Richard Corp has the following data for the third week of December: Employee Name Classification…
A: Here are the calculations for salaries and withdrawal.
Q: 4. Richard Corp has the following data for the third week of December: Employee Name Worked…
A: The calculations of different components of payrolls are
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: Gross Pay - It is total of amount of wages / salary which do not include any kind of deductions…
Q: Sheffield Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…
A:
Q: Calculate PayrollBreakin Away Company has three employees-a consultant, a computer programmer, and…
A: Gross Pay: The total amount such as salary, wages, commissions, overtime, and bonus paid by an…
Q: Normal hours are 40 hours Calculate gross pay for each of the following employees. All are paid an…
A: Overtime wage rate = regular wage rates x 1.5 times = $13.50/hour x 1.5 = $20.25/hour
Q: 5. Audrey Sanders sells closet organization systems. She is paid a commission of 5.14% of her first…
A: The sales commission can be calculated on the basis of commission structure. The first $1,500 worth…
Q: Telemarketers receive $10 commission on all new customers they sign up for cell nhone service…
A: Federal minimum wage rate is $7.25 per hour . Minimum wages for each week = 40 hours x $7.25 per…
Q: 24 Paid the shop assistant for the one week salary, P3,600. 25 Cash service income for the week,…
A: Statement of Owner's Equity - Statement of owner's equity includes amount contributed by the owner…
Q: are paid on Saturday. The weekly payroll is 2520. September 30 falls on a Thursday, and the company…
A: Wages Payable = $2520/6*4 =$1680 Wages Expenses =$101330+$1,680 = 103,010
Q: Sunland Company has the following data for the weekly payroll ending January 31. Hours…
A: Employees of Sunland company working hours are 1. L. Helton = 8 + 8 + 10 + 8 + 10 + 3 = 47 hours…
Q: Carla Vista Company has the following data for the weekly payroll ending May 31: Hours Worked…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on…
A: The gross earnings are sum of salary and commission.
Q: Jerri's Mason Supply Company has four employees who are paid on a weekly basis receiving time and a…
A: Journal entries refers to the systematic documentation of the financial transactions of a company in…
Q: K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The…
A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement,…
Q: The university satellite office operates five days per week with a daily payroll of $5,000.…
A: Accrued Wages Expense on October 31 = No. of days x Wages per day = 3 days x $5000 = $15,000
Q: G) MMM Company pays its employees on a graduated commission scale: 5% on the first RO10,000 sales,…
A: Here employees commission is based on sales If the sales increases their commission also increases…
Q: 7. Pets Plus prepares weekly payrolls for two employees hired on the following terms Employees…
A: Answer: We have to prepare the payroll sheet for two different staffs with two different pay scale.…
Q: Zeta Company has 12 workers who each earn $15 per hour and generally work a 40-hour workweek,…
A: SOLUTION- WORKING NOTE- IF ZETA COMPANY DOES NOT USE THE REVERSING ENTRIES , NO JOURNAL ENTRY IS…
Q: Lee Cheol San Company pays commissions to its sales staff at the rate of 3% of net sales. Sales…
A: Expenses means the amount spent on running the business where as income means the amount earned…
Q: Gabrielle Hunter, a waitress at the Hole-in-the-Wall restaurant, worked 42 hours this week and…
A: The following points are considered for the calculation: The minimum wage for a tipped employee…
Q: Richard Corp has the following data for the third week of December: Employee Name Classification…
A: Given over time to be paid at 1.5 times Since deduction are a part of liability it is not deducted…
Q: Muntinlupa Co. reported the following events to its bookkeeper covering the month of April 2021: T1:…
A: The transactional event is recorded in the books of the company. We will check here whether the…
Q: One of the operations in the United States Postal Service IS rate of 1.5 letters per second. The…
A:
Q: 24 Paid the shop assistant for the one week salary, P3,600. 25 Cash service income for the week,…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: Sheffield Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all…
A: In the given question, we are provided with the data of four employees. On that basis, we need to…
Q: Jessica Porter works in both the Jewelry department and the Cosmetics department of a retail store.…
A: Allocation of hours in 2 departments - Let us assume she works 6 days in a week. Two week period =…
Q: The sales clerks of Teresa's Treasures are paid a salary of $225 per week plus a commission of 8% on…
A: In this question we have been asked to calculate the total earning of sales men. For which we have…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Maria Cohen is employed as a salesperson in the mens department of Lees Fashions. In addition to her weekly base salary of 400 (35-hour week), Cohen is paid a commission of 1% on her total net sales for the week (total gross sales less any customer returns). During the past week, to promote the sale of its fine cashmere sweaters, Lees agreed to pay Cohen an additional PM (push money) of 3% of the total net sales of cashmere sweaters. Cohens weekly sales tally is given below. Compute Cohens total weekly earnings, showing her (a) weekly base salary, (b) commission, (c) PM, and (d) total weekly earnings.Unearned Sales Revenue Curtiss Carpet Cleaning normally charges $90 to clean one room of carpeting. During the holiday season, Curtis offers a promotion to clean the customers carpet 10 times at a discounted rate if the customer pays $600 in advance. Required: Make the journal entry to record the following transactions. 1. A customers prepayment of $600 2. Curtiss cleaning of the carpet one timeAlard Manufacturing Company has a billing department staffed by four billing clerks. Each clerk is paid 32,000 per year and is able to process 8,000 bills. Last year, 27,360 bills were processed by the four agents. Calculate the unused capacity in terms of number of bills. a. 27,360 b. 4,640 c. 8,000 d. 32,000
- Wages Payable Denton Corporation employs 50 workers in its plant. Each employee is paid $10 per hour and works seven hours per day, Monday through Friday. Employees are paid every Friday. The last payday was Friday, September 19. Required Compute the dollar amount of the weekly payroll. Prepare the journal entry on Friday, September 26, for the payment of the weekly payroll. Denton prepares monthly financial statements. Prepare the adjusting journal entry on Tuesday, September 30, the last day of the month. Prepare the journal entry on Friday, October 3, for the payment of the weekly payroll. Will net income for the month of September be understated or overstated if Denton doesnt bother with an adjusting entry on September 30? Explain your answer.Toren Inc. employs one person to run its solar management company. The employees gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of $400, state income tax of $75, health-care insurance premium of $200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of May, dated May 31, 2017. B. Record remittance of the employees salary with cash on June 1.Hunter Sobitson, a waiter at the Twentieth Hole restaurant, worked 43 hours this week and collected over 650 in tips. The restaurant uses the full tip credit against the minimum wage and pays Sobitson the minimum required for tipped employees. Determine his gross pay from the restaurant. a. Pay for the 40 hours_________ b. Pay for overtime hours_________
- On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is attempting to project cash receipts and disbursements through April 30. On May 1, a note payable of 10,000 will be due. This amount was borrowed on January 1 to carry the company through its first four months of operation. The unit purchase cost of the companys single product, a box of Sweet Pleasures chocolates, is 12. The unit sales price is 28. Projected purchases and sales in units for the first four months are: Sales terms call for a 5% discount if paid within the same month that the sale occurred. It is expected that 50% of the billings will be collected within the discount period, 25% by the end of the month after purchase, 19% in the following month, and 6% will be uncollectible. Approximately 60% of the purchases are paid for in the month purchased. The rest are due and payable in the next month. Total fixed marketing and administrative expenses for each month include cash expenses of 5,000 and depreciation on equipment of 2,000. Variable marketing and administrative expenses total 6 per unit sold. All marketing and administrative expenses are paid as incurred. REQUIREMENT You have been asked to prepare a cash budget for the next four months to see if the loan can be repaid. Review the worksheet CASHBUD that follows these requirements. The problem data have already been entered in the Data Section of the worksheet.Elliott, Inc., has four salaried clerks to process purchase orders. Each clerk is paid a salary of 25,750 and is capable of processing as many as 6,500 purchase orders per year. Each clerk uses a PC and laser printer in processing orders. Time available on each PC system is sufficient to process 6,500 orders per year. The cost of each PC system is 1,100 per year. In addition to the salaries, Elliott spends 27,560 for forms, postage, and other supplies (assuming 26,000 purchase orders are processed). During the year, 25,350 orders were processed. Required: 1. Classify the resources associated with purchasing as (1) flexible or (2) committed. 2. Compute the total activity availability, and break this into activity usage and unused activity. 3. Calculate the total cost of resources supplied (activity cost), and break this into the cost of activity used and the cost of unused activity. 4. (a) Suppose that a large special order will cause an additional 500 purchase orders. What purchasing costs are relevant? By how much will purchasing costs increase if the order is accepted? (b) Suppose that the special order causes 700 additional purchase orders. How will your answer to (a) change?
- Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.Gabrielle Hunter, a waitress at the Hole-in-the-Wall restaurant, worked 42 hours this week and collected over 500 in tips. The restaurant uses the full tip credit against the minimum wage and pays Hunter the minimum required for tipped employees. Determine her gross pay from the restaurant. a. Pay for the 40 hours_________ b. Pay for the overtime hours_________An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: All regular time Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in charge of the office. Cumulative earnings paid (before deductions) in this calendar year prior to the payroll period ending November 8 were as follows: Andrews, 21,200; Lomax, 6,800; Herzog, 11,500; Dimmick, 116,200; and Hendrick, 32,800. The solution to this problem requires the following forms, using the indicated column headings: 1. Prepare an employee earnings record for each of the five employees. 2. Prepare a payroll record for each of the four weeks. 3. Prepare a labor cost summary for the month. 4. Prepare journal entries to record the following: a. The payroll for each of the four weeks. b. The payment of wages for each of the four payrolls. c. The distribution of the monthly labor costs per the labor cost summary. d. The company's payroll taxes covering the four payroll periods.