Net amount of cash received

Shea, a regional jewelry store, issues its own charge cards to customers. It bills its customers on the first day of every month for purchases made during the previous month. In addition, Shea accepts Visa and MasterCard, both of which charge a 1.8 percent processing fee. The following sales were made during the period:

Visa                                        $ 5,490

MasterCard                        3,401

Shea card                            10,980

Cash sales                           2,695

Sales paid by check         6,400

What is the net amount of cash received from the sales made during the period (assume 10% NSF checks)?

Woznick offers clients a variety of legal services. Some clients pay Woznick a monthly retainer, while others are billed as services are rendered. Identify each of the revenues below as variable, fixed, or mixed. Use V for variable, F for fixed, and M for mixed. Activity is measured as the number of hours of legal service provided.

________ A. Nicky hires Woznick to handle her divorce. She is billed for the hours worked.

________ B. Paul hires Woznick for estate planning. He is billed a research fee plus time worked.

________ C. Michelle hires Woznick to handle her real estate transactions. This is an ongoing situation for which Michelle pays a monthly fee.

________ D. David hires Woznick for legal advice as he incorporates his business. Woznick charges

David a flat fee to prepare the documents plus a fee per hours worked.

________ E. Katie hires Woznick to write a partnership agreement. Woznick charges a flat fee for this service.

________ F. Jason hires Woznick to obtain local permits to operate his business. Woznick bills Jason for time worked.


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