What Have I Learned So Far?Solve the following problems.1. How much commission will you earn if your sales amounted to PI40 950 and youreceive a fixed commission rate of 6%?2. How much commission will you earn if you made the same amount of sales (refer tonumber 1), but you were given variable or graduated commission as follows:Up to P50 0003%P50 001– P100 000P100 001 and above10%3. How much will be your total earnings if you receive a fixed salary of P15 000 aside fromyour commission of 12% on all your sales (refer to number 1)?4. How much will be your total earnings if you received a fixed salary of P25 000 anda bonus of 8% if you exceed your sales quota of P50 000 (for the total sales, refer tonumber 1)?5. How much will be your supervisor's override commission on your sales if she receives2% (refer to number 1)?bi8'2Basis

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Business

Accounting

1. How much commission will you earn if your sales amounted to P140 950 and you receive a fixed commission rate of 6%?

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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Concept explainers

Payroll Entries

Payroll is a comprehensive record of employees that are paid by the company. Payroll classifies employees into various categories according to their function and pays scale (basic wage, allowance, income tax, other taxes, employee loans, etc.). Payroll processes form the bedrock of every organization as it contains sensitive information on the ‘wage and paycheck’ portion of the company’s strength—its employees. The organization needs to keep a track of the employees currently on the payroll, the net payout for the company, the record of transactions related to the employees including deductions and payroll taxes to identify the liability and its effect on the balance sheet (and other financial statements). Payroll records also include qualitative factors such as the conduct of the employee.

Question

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What Have I Learned So Far?
Solve the following problems.
1. How much commission will you earn if your sales amounted to PI40 950 and you
receive a fixed commission rate of 6%?
2. How much commission will you earn if you made the same amount of sales (refer to
number 1), but you were given variable or graduated commission as follows:
Up to P50 000
3%
P50 001– P100 000
P100 001 and above
10%
3. How much will be your total earnings if you receive a fixed salary of P15 000 aside from
your commission of 12% on all your sales (refer to number 1)?
4. 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)?
5. How much will be your supervisor's override commission on your sales if she receives
2% (refer to number 1)?
bi8'2
Basis

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