# 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:

 Originalselling price Firstmarkdown Secondmarkdown Markup Finalmarkdown \$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 ofapples 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 Grosssales Return Net     sales Givenquota Commission  sales Commissionrate Total commission Regularwage 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 Maritalstatus Allowancesclaimed 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 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  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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