A lease calls for a minimum rent of $2800 per month plus 4% of annual gross sales in excess of $500,000. What is the annual rent if the annual gross sales were $725,500?

Answers

Answer 1
Answer:

Answer:

The annual rent is $42,620

Explanation:

The computation of annual rent is shown below:

= Annual rent + (rate × gross sales)

where,

The annual rent is

= Monthly rent × total number of months in a year

= $2,800 × 12

= $33,600

The rate is 4%

The excess gross sales is computed by

= Annual gross sales - gross sales

= $725,500 - $500,000

= $225,500

Now put these values to the above formula

So, the answer would be equal to

= $33,600 + (4% × $225,500)

= $33,600 + $9,020

= $42,620

Hence, the annual rent is $42,620


Related Questions

According to The Wedding Report, in 2010, the average wedding cost a little more than _____. twenty-four thousand dollars five thousand dollars eleven thousand dollars thirty thousand dollars
The main goal of human relations is to
Accounting professionals can perform various services that provide assurance about the and of information given by one party to another.True / False.
______ is the extent to which a company's supply chain is focusing on minimizing procurement, production, and transportation costs. Select one: a. Supply chain visibility b. Supply chain efficiency c. Supply chain analytics d. Supply chain effectiveness e. Supply network collaboration
What will happen in the gasoline market now if buyers expect higher gasoline prices in the near future?A) The supply of gasoline will increase. B) The demand for gasoline will decrease. C) the demand for gasoline will be ineffected. D) the demand for gasoline will increase.

Why does Narveson not think that when we let someone else starve to death that we are guilty of causing them to die?

Answers

Answer:

Besause He thinks there is a difference between murdering someone is cold blood and letting someone else die by your inaction.

Final answer:

Philosopher Jan Narveson argues that we are not guilty of causing someone to die when we let them starve. He believes that our moral obligations are primarily negative, meaning that we have a duty not to harm others but not necessarily a duty to help them.

Explanation:

Philosopher Jan Narveson does not believe that we are guilty of causing someone to die when we let them starve to death. Narveson argues that we are not responsible for the harm caused by our inaction, as long as we do not interfere with others' ability to fulfill their basic needs. According to Narveson, moral obligations are primarily negative, meaning that we have a duty not to harm others but not necessarily a duty to help them.

Learn more about Ethics here:

brainly.com/question/34594837

#SPJ11

Which action will help increase a low FICO score?A.) Reducing credit card balances.
B.) Holding payment on bills.
C.) Applying for credit more frequently

Answers

Reducing credit card balances is the action will help increase a low FICO score. 

The FICO mortgage score is between 300 and 850. Higher scores indicate lower credit risk. Each individual actually has 65 credit scores for the FICO scoring model because each of three national credit bureaus, Equifax, Experian and TransUnion, has its own database.

The person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate may be referred to as a(n)bookkeeper.
accountant.
information processor.
internal auditor

Answers

The Internal auditor is the person who reviews the operating and accounting control procedures adopted by management to make sure the controls are adequate.

Internal audit within the company is not only done to review operating and accounting control procedures but to recommend ways that will further operation and accounting control within the company. 

_____ is a process that helps organizations identify, select, organize, disseminate, transfer, and apply expertise that are part of the organization’s memory and typically reside inside the organization in an unstructured manner.a. Data mining
b. Decision support
c. Discovery
d. Knowledge management E. Online analytical processing

Answers

The right answer for the question that is being asked and shown above is that: "E. Online analytical processing" It is a process that helps organizations identify, select, organize, disseminate, transfer, and apply expertise that are part of the organization’s memory and typically reside inside the organization in an unstructured manner. This is called the online analytical processing

verge ltd has issued the following shares which have equal voting rights:class a: 100 sharesclass b: 100 shares class c: 100 sharesclass d: 100 shareswhat type of company is verge ltd?group of answer choicesa public company limited by shares. a proprietary company.unknown as the provisions of the constitution have not been revealed.a listed no liability company.an incorporated association.a public company limited by guarantee.

Answers

Final Answer:

Verge Ltd is a public company limited by shares. This classification is based on the equal voting rights associated with the different classes of shares issued by the company.

Explanation:

Verge Ltd is classified as a public company limited by shares based on the information provided. In this type of company, shares are issued to the public, and the shareholders have voting rights equal to the number of shares they hold. This implies that each class of shares, whether it's class A, B, C, or D, holds equal voting rights.

The other options, such as being a proprietary company, an unknown entity, a listed no liability company, an incorporated association, or a public company limited by guarantee, do not align with the characteristics of the company as described in the question.

Public companies limited by shares are typically larger entities, and they offer shares to the general public for trading on the stock exchange. The fact that Verge Ltd has issued shares with equal voting rights suggests that it is a publicly traded company.

Learn more about public company

brainly.com/question/33089672

#SPJ11

A consistent application of an inventory costing method enhancesa. conservatism
b. accuracy
c. comparability
d. efficiency

Answers

C. Comparability. A consistent application of an inventory costing method enhances comparability. Consistency enhances comparability because it enables investors and other end users of the financial statements to compare and understand the financial reports over the periods. The company should disclose the nature, reasons and effects of the change in the Notes to the Financial Statements if there is a change of accounting method for inventory costing to improve financial reporting.