subject
Business, 24.02.2020 22:23 ohamieem

Kerianne paints landscapes, and in late 2016 placed four paintings with a retail price of $300 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 10% commission on paintings sold to gallery patrons. As of December 31, 2016, one painting had been sold by Holmstrom to gallery patrons.

How much revenue with respect to these four paintings should Kerianne recognize in 2016?

Please Show work, I do not just want the answer I truly desire to know how to work this problem. In my first two attempts I said she would recognize 270$ (only one painting was sold so 300$ however subtact the galleries commision of 10%= 270$)

With my second attempt I tried a completly different approach resulting in 1080$ (300*4=1200 then 1200*10%=120 and 1200-120= 1080) this too was incorrect. If someone could assist me I would be greatly oblidged.

ansver
Answers: 3

Another question on Business

question
Business, 22.06.2019 06:40
Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.
Answers: 3
question
Business, 22.06.2019 10:10
Karen is working on classifying all her company’s products in terms of whether they have strong or weak market share and whether this share is in a slow or growing market. what type of strategic framework is she using?
Answers: 2
question
Business, 22.06.2019 11:30
(select all that apply) examples of email use that could be considered unethical include denying receiving an e-mail requesting that you work late forwarding a chain letter asking for donations to a good cause sending a quick message to your friend about last weekend sending your boss the monthly sales figures in an attachment setting up a meeting with your co-worker sharing a funny joke with other employees
Answers: 2
question
Business, 22.06.2019 12:50
Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise
Answers: 3
You know the right answer?
Kerianne paints landscapes, and in late 2016 placed four paintings with a retail price of $300 each...
Questions
question
Mathematics, 08.03.2021 02:00
question
Mathematics, 08.03.2021 02:00
question
Mathematics, 08.03.2021 02:00
question
Mathematics, 08.03.2021 02:00
question
Mathematics, 08.03.2021 02:00
Questions on the website: 13722363