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- 5. A sales manager has 30 representatives. She receives a commission of 20% from her own sales and 5% override. During the month of January, she made sales amounting to P70,000 and her representatives made P140,000. What were her total earnings? 6. Suppose the sales tax rate of Pagadian City is 7% of the purchase price. If the price of the digital camera is P 24,700, how much sales tax must be paid?As a sales person for Fresh Flowers, Carlos is paid an incremental commission based on the table below. If he sells $18,900.00, what is his total gross pay? Commission Level Sales Volume Rate 1 1-5,700 6.5% 5,701-9,900 7.1% Over 9,901 7.8% $1,327.80 $1,370.70 $1,732.50 $1,775.40Mary is a sales person for Challenge Furniture. She receives an incremental commission based on the table below. If she sells $26,000 and has already received a draw of $766.15, how much commission is still owed to Mary? Level Sales volume Commission Rate 1 $0–11,700 3.1% 2 $11,700–21,200 4.1% 3 Over $21,200 4.7%
- 1. LALA Department store grants loyalty awards to its customers wherein for every P 100 purchase made, the customer receives 5 points equivalent to P 5. The points accumulated by the customer may be used as part or full payment for merchandise purchases in the future. During 2018, total sales amounted to P 10,000,000. Fair values of the merchandise sold and reward points are P 9,500,000 and P 500,000, respectively. At the end 2018, 60% out of 90% have been redeemed by the customers. At the end 2019, an additional 20% have been redeemed and the revised estimate of total points expected to be redeemed was now at 95%. In accordance with IFRS 15, how much is the balance of the liability for customer loyalty awards as of December 31,2018? 2. On January 1,2019, EROS Company introduced a new line of product that carries a 3 year warranty against factory defects. The product warranties provide assurance that the new line of product will function as intended based on agreed-upon…11. ALGEBRA Fatima Sheroud sells children's clothing for The Grasshopper Shoppe. She is paid weekly on a straight commission of 4% on sales of $5,000.00 or less and 5% on sales in excess of $5,000.00. One week Fatima had a gross pay of $594.50. What were her total sales for that week? nts reserved.5. Audrey Sanders sells closet organization systems. She is paid a commission of 5.14% of her first $1,500 in sales during the week and 10% on all sales over $1,500. What is her commission in a week during which she sells $7,500 worth of closet organization systems? 6. Jasper HesIS Tarm chemis A mission of sales durm o -- .Month in which te has Sures w Miguol ill Companies, Inc. All rights reserved.
- 29. A salesman gets P10,000 commission on a sale of a certain item. This amount raised his average commission by P1,100. If his new average commission is P4,500, what is his total commission? DES 8 Indo A. P31000 C. P25000 P27000 ar 68 8 jaal zit ni soyoni al 25m B. P29000 D. paibuloni (2x AVOYJellyFelly sold a lamp to a cash customer, the retail price was $299.99 and sales tax is 9%. The journal entry to record this transaction would include a: O Debit to Cash for $299.99 • Credit to Sales Revenue for $326. O Credit to Sales Tax Payable $27. O Debit to Sales Revenue for $299.99Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.
- Sammy John Ltd has a customer loyalty programme that rewards a customer with one customer loyalty point for every $10 of purchases. Each point is redeemable for a $1 discount on any future purchases Customers purchase products for $100,000 and earn 10,000 points The entity expects 9,500 points to be redeemed, so they have a stand-alone selling price $9,500 Identify the steps in the revenue recognition process match the steps to the relevant process in the case above to describe how it will be dealt with under IFRS 15?2. Richard Lenz receives 35-cammission for selling cleaning supplies. What is his commission on sales of $122,591? Hight 3. Yo Commmu of the selliftg pricO VI Or What jotalQ. #6. Michelle bought belts for her boutique at a cost of $27.00 each. The belts were marked up so that operating expenses were 30% of the cost and profit was 25% of the cost. During her annual spring sale, eleven belts remained unsold, and Michelle reduced the price to $29.99 each. What was the rate of markdown for the belts during the spring sale? What is the profit or loss on the sale of the belts during the spring sale? I Q. #7. What rate of interest is earned on a non-redeemable term deposit that grows from $5000.00 to $5403.75 in 3 months?