Employees of Yawa Inc. are given 10% commissions based on sales made every quarter starting January 1, 2020. The commission will be 15 days after the close of the quarter. As of December 31, 2020, the company paid a total of P1,800,000 and the total expense is P2,900,000. If the sales were in the 1st quarter is 25% less than the 2nd quarter and the 3rd quarter is P150,000 higher than the 2nd quarter, how much is the commission expense recognized in the 1st, 2nd, 3rd and 4th quarter, respectively?
Employees of Yawa Inc. are given 10% commissions based on sales made every quarter starting January 1, 2020. The commission will be 15 days after the close of the quarter. As of December 31, 2020, the company paid a total of P1,800,000 and the total expense is P2,900,000. If the sales were in the 1st quarter is 25% less than the 2nd quarter and the 3rd quarter is P150,000 higher than the 2nd quarter, how much is the commission expense recognized in the 1st, 2nd, 3rd and 4th quarter, respectively?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Employees of Yawa Inc. are given 10% commissions based on sales made every quarter starting January 1, 2020. The commission will be 15 days after the close of the quarter. As of December 31, 2020, the company paid a total of P1,800,000 and the total expense is P2,900,000. If the sales were in the 1st quarter is 25% less than the 2nd quarter and the 3rd quarter is P150,000 higher than the 2nd quarter, how much is the commission expense recognized in the 1st, 2nd, 3rd and 4th quarter, respectively?
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