How much is the commission expense recognized

Assignment Help Accounting Basics
Reference no: EM133122699

Question - Employees of Chicken Wings Inc. are given 10% commissions based on sales made every quarter starting January 1, 2020. The commission will be 15 days after the close of the quarter. As of December 31, 2020, the company paid a total of P1,800,000 and the total expense is P2300000. If the sales were in the 1st quarter is 25% less than the 2nd quarter and the 3rd quarter is P150,000 higher than the 2nd quarter, how much is the commission expense recognized in the 1st, 2nd, 3rd and 4th quarter, respectively?

Reference no: EM133122699

Questions Cloud

What is the expected increase : Gertrude had total revenue of $4,000mm in Year 0, and revenue is expected to increase by $480mm in Year 1, to $4,480mm. What is the expected increase
Computes the value of acceleration of object : Computes the value of acceleration of object, given the values of displacement, time, and initial velocity - determines whether a person is eligible
Human services job : If you were applying for a human services job and were asked, "What are the most important goals you have for your clients?" how would you respond?
List down the three types of investment you chose : Assume you have P900,000.00 and you want to invest your money into three types of investment. List down the three types of investment you chose
How much is the commission expense recognized : As of December 31, 2020, the company paid a total of P1,800,000 and the total expense is P2300000. How much is the commission expense recognized
What are the potential tax implications : What are the potential tax Implications when an Investor decides to automatically reinvest fund distributions Into additional non-registered fund units?
Describe the product and the strategy : Briefly describe the product and the strategy that was used to promote the product. What culture do you believe this product is marketed toward?
Company current stock price-zumwalt company : The Zumwalt Company is expected to pay a dividend of $2.80 per share at the end of the year, and that dividend is expected to grow at a constant rate of 6.80% p
Describe your feelings-thoughts-visuals-experiences : Describe your feelings, thoughts, visuals, experiences, and even feedback you have received from someone else about the brand

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd