Part B
Schrute Farm Sales buys portable generators for $460 and sells them for $740. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $4,000 a month rent for his store, and also pays $1,800 a month to his staff in addition to the commissions. Mr. Schrute sold 500 generators in June. If Mr. Schrute prepares a contribution margin income statement for the month of June, what would be his contribution margin?
A.$618,500
B. $121,500
C.$370,000
D.$248,500
Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the revenue for all personal training sessions. The Fitness Club also sells nutrition products. Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year.
Account |
Amount |
Account |
Amount |
|||
Membership revenue |
$141,000 |
Personal trainer wages expense |
? |
|||
Personal training revenue |
$78,000 |
Space rental expense |
$11,000 |
|||
Product sales |
$66,000 |
Straight line depreciation expense |
$6,000 |
|||
Cost of product sold |
$38,000 |
Rental insurance expense |
$3,000 |
|||
Front desk staff wages expense |
$17,000 |
If a contribution margin income statement is prepared for the year, what is the amount of total revenue?
A.$285,000
B.$323,000
C.$141,000
D.$219,000
Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the revenue for all personal training sessions. The Fitness Club also sells nutrition products. Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year.
Account |
Amount |
Account |
Amount |
||
Membership revenue |
$141,000 |
Personal trainer wages expense |
? |
||
Personal training revenue |
$78,000 |
Space rental expense |
$11,000 |
||
Product sales |
$67,000 |
Straight line depreciation expense |
$6,000 |
||
Cost of product sold |
$35,000 |
Rental insurance expense |
$3,000 |
||
Front desk staff wages expense |
$15,000 |
If a traditional income statement is prepared for the year, what is Gross Profit?
A.$251,000
B.$321,000
C.$286,000
D.$282,000
Part B Schrute Farm Sales buys portable generators for $460 and sells them for $740. He...
Jean's Fitness Club provides monthly memberships as well as personal training sessions. The personal trainers earn 50% of the revenue for all personal training sessions. The Fitness Club also sells nutrition products. Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year Amount Account Membership revenue Personal training revenue Product sales Cost of product sold Front desk staff wages expense Amount $141.000 $76.000 $67.000 $38,000 $17,000 Account Personal...
Schrute Farm Sales buys portable generators for $470 and sells them for $740. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $5,000 a month rent for his store, and also pays $2,200 a month to his staff in addition to the commissions. Mr. Schrute sold 600 generators in June. If Mr. Schrute prepares a contribution margin income statement for the month of June, what would be his contribution margin? O A...
Schrute Farm Sales buys portable generators for $450 and sells them for $760. He pays a sales commission of 5% of sales revenue to his sales staff Mr Schrute pays $7.000 a month rent for his store, and also pays $2,100 a month to his staff in addition to the commissions. Mr. Schrute sold 800 generators in June. If Mr. Schrute prepares a traditional income statement for the month of June, what would be his gross profit? O A $456,000...
Schrute Farm Sales buys portable generators for $450 and sells them for $740. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $6,000 a month rent for his store, and also pays $1,800 a month to his staff in addition to the commissions. Mr. Schrute sold 700 generators in June. If Mr. Schrute prepares a traditional income statement for the month of June, what would be his operating income? O A. $518,000...
Question Help en Schrute Farm Sales buys portable generators for $500 and sells them for $760. He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $2,000 a month rent for his store, and also pays $2,100 a month to his staff in addition to the commissions. Mr Schrute sold 200 generators in June. If Mr. Schrute prepares a contribution margin income statement for the month of June, what would be his contribution...
This Question: 2 pts 6 of 40 Schrute Farm Sales buys portable generators for $490 and sells them for $740 He pays a sales commission of 5% of sales revenue to his sales staff. Mr. Schrute pays $2,000 a month rent for his store, and also pays $2,000 a month to his staff in addition to the commissions. Mr. Schrute sold 500 generators in June. If Mr. Schrute prepares a contribution margin income statement for the month of June, what...
Schruto Farm Sales bus portable generators for 480 and sell them for $740. He pays a sales commission of 5% of sales revenue to his sales staff Mr. Schle pays 15.000 a month rent for his store and also pays $1,700 a month to his staff in addition to the commissions. Mr. Schrute sold 500 generators in June. If Mr. Schute prepares a contribution margin income statement for the month of June what would be his contribution margin? O A...
Question Help Schrute Farm Sales buys portable generators for $450 and sell them for $750. He pays a les commission of sales revenue to his sales s in addition to the commissions. Mr Schule sold 700 generators in June r Schate prepares a traditional income statement for the month of Schule 1.000 a month rent for his store, and we pays $2.200 a month to what would be a gross prote? OA $322.000 OB. $525.000 OC. $847,000 0101000
1) 2) 3) 4) 5) 3 BBM205/03 Answer ALL questions below. Question 1 Below was the transactions worksheet of Selna Enterprise on April 1, 2020. + ASSETS Cash + + Account Receivables 3,600 Prepaid expenses 1,000 Supplies on hand 350 EQUITY Share capital 7,350 Retained earnings LIABILITY Account payable 4,400 2,000 The following transactions occurred during April: April 1 Collected RM2,000 cash in satisfaction of an amount owed by a customer. April 3 Billed RM3,000 to customers for chairs rented...
Angie's Amazing Getups Incorporated is a Canadian controlled private corporation with a head office in London, Ontario. The company is a manufacturer of high end custom costumes and makeup used in movie and theatre productions with sales in Canada and the U.S.The company started in business in 2015 when the sole shareholder, Angela Q. Snodgrass, was photographed by the paparazzi after a particularly enthusiastic night of partying. When Angela saw herself on the front page of every tabloid newspaper the...