Question 1: Michael works as a sales person for an office supply store selling office furniture and electronics. Instead of a salary, Michael earns a straight commission of 8.5% of net sales. During the month of September, Michael generated $45448 in gross sales and had returns and allowances in the amount of $5954. What is Michael's gross pay for the month of September?
Show your answer to 6 decimal places in your written work and round your final answer to the nearest cent [2 decimal places] with the appropriate units.
Question 2: The office supply store is sold to a new owner and she decides to keep Michael as a sales person because he is the top seller on the team. The new owner switches the commission structure to a graduated commission. The new commission system pays the sales people 5.5% on the first $10,000.00 in net sales, 8.5% on the next $15,000.00 in net sales, and 11.5% on any sales over $25,000.00. For the month of November Michael generates $49953 in net sales. How much does he earn in commission for the month of November?
Show your answer to 6 decimals in your work, round your final answer to the nearest cent [2 decimal places] with the appropriate units.
Question 3: In the spring, Michael was offered a job as a manager from a local office supply competitor. The competitor does not pay their managers commission and instead pays a annual salary. Michael wants to know if he will be making more or less money with the new company. Michael first needs to calculate his average monthly salary at his current job. His gross pay was $4024 in January, $4513 in February, $3947 in March, and $4982 in April. What was Michael's average monthly gross pay for those 4 months?
Show your work to 6 decimal places to submit and round your final answer to the nearest cent [2 decimal places] with the appropriate units.
Question 4: Michael decides to take the new job. He will be earning a monthly salary of $5117 paid bi-weekly. What amount will Michael see on his first pay check?
Show your work to 6 decimal places and round your final answer to the nearest cent [2 decimal places] with the appropriate units.
Question 5: Michael has asked one of his employees, Katie, to come in and help with inventory on the weekend. Michael will pay the employee overtime at time and a half for the 12 hours she is needed at work. Katie earns a semi-monthly salary of $2047 and her regular workweek is 35 hours. What is her total gross pay for the pay period that includes her overtime hours?
Show your work to 6 decimal places and round your final answer to the nearest cent [2 decimal places] with the appropriate units.
Question 6: Katie is assessing the inventory of office chairs. Currently there are 6 model A chairs in stock that are priced at $235.96; 6 model B chairs in stock that are priced at $228.49; and 10 model C chairs that are priced at $261.80. Michael wants to know the average cost per chair of the inventory at the current moment. Katie calculates the average cost per chair to be:
Show your answer to 6 decimals and enter your final answer to the nearest cent [2 decimals] with the appropriate units.
Question 7: Michael is working on the quarterly GST remittance to the government. He records $30093.24 in GST-taxable sales for the period, and $19208.56 in GST-taxable purchases for the business. What is the GST payable amount owing to the government for the quarter?
Show your work to 6 decimals and round your final answer to the nearest cent [2 decimal places] with the appropriate units.
Question 8: Michael receives a SEMI-annual tax bill of 3628.99. He sees that the mill rate charged to the property is 15.6 and uses this information to calculate the assessed value of the building. What is the assessed value?
Show your answer to 6 decimal places and enter your final answer rounded to the nearest cent [2 decimals] with the appropriate units.