Exam 1: Review of Arithmetic

Your gross annual pay is $19 163. Employment insurance premiums are deducted at a rate of 2.25% and Canada Pension Plan premiums are 3.75% based on total earnings. You pay income taxes at a rate of 17% on all amounts over $8131. What is your Net Pay for the year?

Don Blair invested $11500 in a business on January 1. She withdrew $700 on March 1, reinvested $1800 on August 1, and withdrew $500 on September 1. What is Don's average monthly investment balance for the year?

A clothing salesperson receives a weekly base salary of $200.00 on a quota of $3 000. On the next $1 000, he receives a commission of 25%. On any additional sales, the commission rate is 40%. Find her gross earnings for a week in which her sales total $6 000.

Simplify: (14 + 7)/3

S. Wall receives a yearly salary of $33 868.00. She is paid bi-weekly and her regular workweek is 37.5 hours. a) What is the gross pay per pay period? b) What is the hourly rate of pay? c) What is the gross pay for a pay period in which she works 9 1/2 hours overtime at time and one-half regular pay?

Denise Jantz invested $35 000 on January 1 in a partnership. She withdrew $5 000 on June 1, withdrew a further $1900 on August 1, and reinvested $6 000 on November 1. What was her average monthly investment balance for the year?

Yanping receives a monthly salary of $1 931.54 paid semi-monthly. The regular workweek is 38 hours. a) Calculate the hourly rate of pay. b) If the gross earnings for one pay period is 1 270.75, for how many hours of overtime was Yanping paid at double-time regular pay.

A salesperson is paid a weekly salary of $350.00 or a commission of 14.5% of his sales, whichever is the greater. What is his earnings for a week in which his sales were a) $2480.00? b) $3780.00?

Florence Lamb is paid a commission of 10 3/4% on her net sales and is authorized to draw up to $900.00 a month. What is the amount due to Florence at the end of a month in which she drew $820.00, had sales of $14 660.00, and sales returns of $331.20?

A computer store located in Oakville, Ont., sells a laptop for $1 000.00 plus HST. If the same model is sold at the same price in a store in Victoria, B.C.., what is the difference in the prices paid by consumers in the two stores?

Calculate the final answer for the following expression: (103 + 202) ÷ 20

A town has an assessed residential property value of $350 000 000. The town council must meet the following expenditures: Education: $11 050 000 General Purposes: $2 100 000 Recreation: $270 000 Public works: $670 000 Police and fire protection: $857 500 a) Suppose 70% of the expenditures are charged against residential real estate. Calculate the total property taxes that must be raised. b) What is the mill rate? c) What is the property tax on a property assessed at $235 000?

Calculate the weighted-average cost of the following inventory purchases: Date Quantity Purchased Cost per Unit Total Amount June 4 30 $11.50 $345.00 June 14 40 $15.00 $600.00 June 29 30 $10.99 $329.70

Purchases of an inventory item during the last accounting period were as follows: Number of items Unit price 5 $4.00 3 $6.00 7 $9.00 11 $7.00 What was the weighted average price per item?

Calculate the property tax on a property located in the City of Brampton and assessed at $326 500 if the current tax rate is 1.05351%

Evaluate:

Spade Realty sold lots for $23 240 per hectare. What is the total sales value if the lot sizes, in hectares, were 2 , 3 , 4 ?

Beth's annual salary is $42 120.00. Her regular work-week is 36 hours and she is paid semi-monthly. a) Calculate her gross pay period b) Calculate her hourly rate of pay c) Calculate her gross pay for a period in which she works 12 hours of overtime at time and one-half regular pay.

Suppose you went shopping and bought bulk laundry detergent worth $11.65. You then received a $1.50 trade discount, and had to pay a $2.10 shipping charge. Find the total purchase price of the detergent in Nova Scotia.

Complete the following inventory sheet and find the total value. Item Quantity Cost per Unit Total 1 69 $.85 2 111 16 2/3 cents 3 155 $2.75 4 350 $1.66