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irina [24]
3 years ago
7

An auction house charges a commission of 15% on the first $50,000 of the sale price of an item, plus 10% on the amount of of the

sale price in excess of $50,000. What was the price of a painting for which the house charged a total commission of $24,000?A. $115,000B. $160,000C. $215,000D. $240,000E. $365,000
Business
1 answer:
yKpoI14uk [10]3 years ago
7 0

Answer:

C. $215,000

Explanation:

The statement indicates that on the first $50,000 the auction house charges 15%, which means that for the first $50,000 the house charged:

$50,000*0,15%= $7,500

From the total commission of $24,000, $7,500 were for the first $50,000.

$24,000-$7,500= $16,500

Now, you have to determine the amount in excess of $50,000 from which the house charged the remaining $16,500. So, you have that an x amount multiplied for 10% or 0,10 is equal to $16,500:

x*0,10= 16,500

x= 16,500/0,10= 165,000

You have determined that the house charged $7,500 on the first $50,000 and $16,500 on $165,000 which means that the price of the painting is:

$50,000+$165,000= $215,000

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Answer:

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B. No amount of cash was paid for interest in 2018; i.e. = $0.00

C. Effect of each transaction on balance sheet, income statement, and statement of cash flows:

1. Cash Revenue of $16,200

Balance Sheet - Cash and Retained Earnings are increased by $16,200.

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Explanation:

1. Cash revenue increases net income and Cash Account balance, and reflects positively on the cash flows for operating activities.

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Surrealists emphasized _____________ instead of ____________.
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3 years ago
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Answer:

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Overhead cost per unit    $434.97                         $457.59

2. Total cost per unit for each product line:

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Total cost per unit           $634.97                          $569.59

3. The profit or loss per unit for each model:

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Market price                      515.95                             303.34

Loss per unit                   $119.02                          $266.25

Explanation:

a) Data and Calculations:

Process Activity     Overheads   Driver Quantity     Components  O/H rates

Changeover          $ 627,450     Number of batches        890          $705

Machining                 379,155      Machine hours            8,050            $47.10

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Total                     $ 1,114,605

Finishing

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Inspecting                 254,200     Number of inspections 820       $310

Rework                        47,200     Rework orders               160       $295

Total                       $ 521,980

Support Purchasing $ 158,600   Purchase orders           488      $325

Providing space            30,900   Number of units        8,400      $3.68

Providing utilities         126,180    Number of units        8,400      $15.02

Total                        $ 315,680

Additional production information concerning its two product lines follows.

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Units produced            2,800             5,600

Welding hours                800              3,300

Batches                           445                 445

Number of inspections   510                 310

Machine hours            2,750             5,300

Setups                               30                  30

Rework orders                 90                   70

Purchase orders            325                 163

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Welding hours              $430,400 (800*$538)    $1,775,400 (3,300 * $538)

Batches                            313,725 (445*$705)          313,725 (445*$705)

Number of inspections    158,100 (510*$310)             96,100 (310*$310)

Machine hours                129,525 (2,750*$47.10)   249,630 (5,300*$47.10)

Setups                               54,000 (30*$1,800)          54,000 (30*$1,800)

Rework orders                 26,550 (90*$295)            20,650 (70*$295)

Purchase orders             105,625 (325*$325)          52,975 (163*$325)

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Units produced            2,800                                  5,600

Overhead cost per unit    $434.97                         $457.59

Direct labor and materials 200.00                             112.00

Total cost per unit           $634.97                          $569.59

Market price                      515.95                             303.34

Loss per unit                    $119.02                          $266.25

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Answer:

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To calculate this, we proceed as follows;

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The credit card balance is $4,000, and the minimum payment rate is 5%

We plug these values into the equation to get;

$4,000 * [(1+1.99166667%) * (1 - 5%)]^t

= $4000 *[1.0199166667 * 0.95]^t

= $4000 * (0.968920836)^t

Balance after t months < 100

$4,000 * (0.968920836)^t < 100

(0.968920836)^t < 0.025

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