Project #38054 - Business Math!

Assume that markup is based on cost. Find the dollar markup and percent markup on cost for the following.(Round your "Dollar markup" answer to the nearest cent and "Percent markup on cost" to the nearest hundredth percent.)

 

Cost Selling price Dollar markup Percent markup on cost
$17.00 $25.80           %

 

What is the selling price of a dining room set at Macy’s? Assume actual cost is $800 and 49% markup on selling price. (Round your answer to the nearest cent.)

 

  Selling price   

 

Calculate the final selling price to the nearest cent and markdown percent to the nearest hundredth percent:

 

Original
selling price
First
markdown
Second
markdown
Markup Final
markdown
$6,700 30% 10% 10% 10%

 

 
  Final selling price      
  Markdown percent  % 

 

Calculate the breakeven point and contribution margin.

 

Breakeven point Fixed cost Contribution margin Selling price per unit Variable cost per unit
 units $107,400          $17 $9

 

Cecil Green sells golf hats. He knows that most people will not pay more than $20 for a golf hat. Cecil needs a 36% markup on cost. What should Cecil pay for his golf hats? (Round your answer to the nearest cent.)

 

  Cecil pay   

 

Brownsville, Texas, boasts being the southernmost international seaport and the largest city in the lower Rio Grande Valley. Ben Supple, an importer in Brownsville, has just received a shipment of Peruvian opals that he is pricing for sale. He paid $190 for the shipment. Assume he wants a 80% markup.


 

a. Calculate the selling price when the markup is based on selling price.


 

  Selling price when the markup is based on selling price   


 

b. Calculate the selling price when the markup is based on cost. (Round your answer to the nearest cent.)


 

  Selling price when the markup is based on cost   

 

Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $145 for a comforter. Misu Sheet wants to advertise the comforter as "percent markup on cost."

 

a.

What is the equivalent rate of percent markup on cost compared to the 20% markup on selling price?(Round your answer to the nearest hundredth percent.)

 

  Rate of percent  %  

 

b. Is this a wise marketing decision?
   
 
Yes
No

 

Jane Corporation produces model toy cars. Each sells for $23.90. Its variable cost per unit is $11.43. Assuming it has a fixed cost of $386,570. What is the breakeven point for Jane Corporation?

 

  Breakeven point  units  

 

 

Complete the following table (assume the overtime for each employee is a time-and-a-half rate after 40 hours): (Do not round intermediate calculations. Round your "overtime rate" and "gross earnings" to the nearest cent.)

 

Employee M T W Th F Sa    Total
  regular
  hours
  Total
overtime
hours
Regular
rate
Overtime
rate
Gross
earnings
Maloney 10 8 9 8 7 3         $7.50      

 

 

Calculate the gross earning for an apple picker based on the following differential pay scale: (Round your answers to the nearest cent.)

 

1–1,000: $0.03 each   1,001–1,600: $0.05 each   Over 1,600: $0.07 each

 

Apple picker Number of
apples picked
Gross earning
Harrison 1,975   

 

A Publishing Company pays its salespeople a weekly salary plus a 2% commission on all net sales over $5,000 (no commission on returned goods):

 
Complete the following table:

 

Employee Gross
sales
Return       Net
     sales
Given
quota
    Commission
  sales
Commission
rate
  Total
 commission
Regular
wage
   Total
    wage
Sanders $7,825 $25 $5,000    2%    $230   

 

 

Assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations. Round your final answers to the nearest cent.)

 

          FICA  
Employee Marital
status
Allowances
claimed
Gross pay     FIT
          Net pay
         S.S.          Med.
Mike Rice M 2 $1,000            

 
 
 
 
 
 

Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.)


 

  PAYROLL SUMMARY  
 
 
  Quarter 1 Quarter 2  
  Bill Adams $ 3,650      $ 7,750     
  Rich Haines   7,850        14,800     
  Alice Smooth   3,050        3,950     


 

  PAYROLL SUMMARY  
 
 
  Quarter 1 Quarter 2  
  Total     
  SUTA     
  FUTA     
 

 

Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $21.00 per hour. She completed her W-4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare).


Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)


  Net pay   

 

Maggie Vitteta, single, works 34 hours per week at $11 an hour. How much is taken out for federal income tax with one withholding exemption? (Assume the overtime for each employee is a time-and-a-half rate after 40 hours.) (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.)

 

  Amount   
 
 
 
 
 
 
 
 
 
 
 

Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions.


What is Richard’s net pay for the week if he earns $1,200? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.)


  Net pay   

 

Westway Company pays Suzie Chan $3,400 per week. Assume Social Security is 6.2% on $110,100 and 1.45% for Medicare.

 

a.

By the end of week 51, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.)

 

     Deductions
  Social security   
  Medicare   

 

b.

What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.8% on the first $7,000.

 

          Payment
  State unemployment taxes   
  Federal unemployment taxes   

 

Morris Leste, owner of Carlson Company, has three employees who earn $410, $725, and $880 per week. What are the total state and federal unemployment taxes that Morris owes for the first 11 weeks of the year and for week 30? Assume a state rate of 5.6% and a federal rate of 0.8%. (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent.)

 

    
  State taxes owed   
  Federal taxes owed   
  Taxes owed for week 30   

 

Calculate the simple interest and maturity value. (Do not round intermediate calculations. Round your answers to the nearest cent.)

 

Principal Interest rate Time Simple interest Maturity value
$17,700 formula38.mml 20 mo.                    

 

Solve for the missing item in the following.

 

Principal Interest rate Time Simple interest
$720 5%  years $144

 

 

Given Principal: $8,000, 7%, 240 days
  Partial payments:  On 100th day, $3,400
     On 180th day, $2,300

a.

Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)


  Total interest cost   

b.

Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)


    On 100th day On 180th day
  Balance after the payment                         


c.

Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)


  Final payment   

 
The time of a loan could be expressed in months, years, or days.
True
False

The time of a loan could be expressed in months, years, or days.

True
False

 

Ordinary interest is never used by banks.

True
False

 

In the U.S. Rule, the partial payment first covers the interest and the remainder reduces the principal.

True
False

 

Interest of $1,632 with principal of $16,000 for 306 days (ordinary interest) results in a rate of:

10%
12%
12 1/2%
13%
None of these

 

The number of days between Aug. 9 and Jan. 3 is:

145
144
147
148
None of these
 
 
Jim Murphy borrowed $30,000 on a 120-day 14% note. Jim paid $5,000 toward the note on day 95. On day 105 he paid an additional $6,000. Using the U.S. Rule, Jim's adjusted balance after the first payment is:
$25,000
$28,891.67
$1,108.33
$26,108.33
None of these

 

On May 17, Jane took out a loan for $33,000 at 6% to open her law practice office. The loan will mature the following year on January 16. Using the ordinary interest method, what is the maturity value due on January 16? 
rev: 08_24_2013_QC_ 34268

$34,342
$34,320
$34,323.62
$34,254
None of these

 

Bill Moore is buying a used Winnebago. His April monthly interest at 7.80% was $84.50. What was Bill’s principal balance at the beginning of April? (Use 360 days a year. Do not round intermediate calculations.)

 

  Principal balance  $   

 

Max Wholesaler borrowed $13,500 on a 11%, 120-day note. After 45 days, Max paid $4,725 on the note. Thirty days later, Max paid an additional $4,050. Use ordinary interest.

 

a.

Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answers to the nearest cent.)

 

  Total interest amount   

 

b.

Determine the ending balance due use the U.S. Rule.(Do not round intermediate calculations.Round your answers to the nearest cent.)

 

  Ending balance due   

 

Leslie Hart borrowed $15,200 to pay for her child’s education at Riverside Community College. Leslie must repay the loan at the end of 10 months in one payment with 1formula12.mml interest.

 

a.

How much interest must Leslie pay? (Do not round intermediate calculation. Round your answer to the nearest cent.)

 

  Interest   

 

b.

What is the maturity value? (Do not round intermediate calculation. Round your answer to the nearest cent.)

 

  Maturity value   

Subject Mathematics
Due By (Pacific Time) 08/18/2014 08:59 pm
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