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2 years ago

Licensee mike was owed a commission from seller jane. jane has refused to make payment. what recourse does licensee mike have?

1 answer:

5 0

Licensee mike was owed a commission from seller jane. jane has refused to make payment. The recourse licensee mike has is he can seek damages from his broker.

A sales commission is typically an amount paid to an employee upon completion of a task for the sale of a specified quantity of goods or services. Employers sometimes use sales commissions as an incentive to increase employee productivity. Commissions may be paid in addition to or in lieu of salary.

Commission-based compensation benefits employees because they are ultimately in control of their income. In many ways, when a company uses commission payments, it doesn't limit an employee's potential to increase their income. Jobs that typically earn commissions include:

Learn more about commission here:brainly.com/question/25169847

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Your company obtains a short term loan on September 1st, 2019 to cover costs to purchase inventory. The loan is for $50,000, the

artcher [175]

Answer:

a. Journal Entry on September 1st, 2019:

Dr: Cash/ Bank $50,000

Cr: Short Term Loan $50,000

b. Journal Entry to accrue interest on December 31st, 2019 is:

Dr: Interest Expense $1,333.33

Cr: Accrues Interest Expense $1,333.33

c. Interest Expense on March 31st, 2020 is :

$1,000

d. The Total cash company will pay back on March 31st 2020:

52,333.33 (50,000 principal + 2,333.33 interest)

Explanation:

b. Annual Interest is $50,000×8% = $4,000 per annum.

The annual interest rate is prorated for 4 months (Sept 2019 -Dec 2019)

$4,000 *4/12 = $1,333.33

c. Interest expense for next fiscal year up till March 2020 is calculated by prorating annual interest expense for 3 months (Jan 2020- Mar 2020)

$4,000×3/12 = $1,000

8 0

3 years ago

Rice imports to a nation under a quota limit of 8,500 tons are charged a tariff of 15 percent. imports of rice above the quota l

Ratling [72]

The appropriate response is Tariff-quota. Tariff quotas might be recognized from import shares. A tax portion allows the import of a specific amount of a product obligation free or at a lower obligation rate, while amounts surpassing the standard are liable to a higher obligation rate. An import portion, then again, limits imports totally.

3 0

4 years ago

After assessing the market growth potential and market competitiveness in Mexico for his company's baby products, Harold wanted

Arturiano [62]

Answer:

After assessing the market growth potential and market competitiveness in Mexico for his company's baby products, Harold wanted to evaluate market access. To do this, Harold would consider ease of assessing or developing distribution channels and brand familiarity

Explanation:

Harold would, first of all, find out the ease in accessing the market. If he finds that it is easy to access the market or target the consumers than he will develop distribution channels. Distribution channels take lots of time and effort.

Than Harold will determine the brand familiarity which means he will make the consumers familiar with his company's baby products. Brand familiarity affects the consumer's information about the product.

5 0

3 years ago

The quantity theory of money is a theory of how A) the money supply is determined. B) interest rates are determined. C) the nomi

meriva

Answer:

C) the nominal value of aggregate income is determined

Explanation:

The quantity theory of money states that nominal aggregate income is determined by money supply. It is assumed that money velocity is constant in the short run and so would not impact nominal aggregate income.

The quantity theory of money is obtained from the equation of exchange which is:

(Money supply × velocity ) = (price × agregrate output)

Dividing both sides by velocity gives,

Money supply = (1/velocity) × ( price × agregrate output)

It is assumed velocity is constant, therefore,

Money supply = k × (price × agregrate output)

I hope my answer helps.

All the best

5 0

3 years ago

The adjusted trial balance for Chiara Company as of December 31 follows.

faust18 [17]

Answer and Explanation:

The preparations are presented below:

a. For income statement

Chiara Company

Income statement

For the year ended Dec 31

Revenues

Fees earned $544,000

Interest earned $30,000

Total revenues $574,000

Less: expenses

Depreciation expense - Automobiles $26,000

Depreciation expense- Equipment $20,000

Salaries expense $187,000

Wages expense $43,000

Interest expense $32,200

Office supplies expense $34,200

Advertising expense $63,000

Repairs expense - Automobiles $25,200

Total expenses ($430,600)

Net income $143,400

b. For a statement of retained earnings

Chiara Company

Statement of retained earnings

For the year ended Dec 31

Beginning balance of retained earnings $257,220

Add: Net income $143,400

Less: Dividend -$45,000

Ending retained earnings balance $355,620

c. For balance sheet

Chiara Company

Balance sheet

For the year ended Dec 31

Liabilities & equity Amount Assets Amount

Liabilities & equity Cash $132,400

Accounts payable $98,000 Accounts receivable $50,500

Interest payable $20,000 Interest receivable $20,800

Salaries payable $22,000 90 days notes receivable $171,000

Unearned fees $28,000 Office supplies $16,500

Long-term notes payable $144,000 Automobiles 169,000

Common stock $26,580 Less:

Retained earnings $355,620 Accumulated depreciation

Automobiles $ 80,000 $89,000

Total liabilities & equity $694,200 Equipment 140,000

Less:

Accumulated depreciation

Equipment 23,000 $117,000

Land $79,000

Total assets $694,200

3 0

3 years ago