James Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a...
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Accounting
James Diesel owns the Fredonia Barber Shop. He employs 4 barbers and pays each a base salary of $1,200 per month. One of the barbers serves as the manager and receives an extra $500 per month. In addition to the base salary, each barber also receives a commission of $4.60 per haircut. Other costs are as follows.
| Advertising | $200 | per month | |
| Rent | $900 | per month | |
| Barber supplies | $0.30 | per haircut | |
| Utilities | $150 | per month plus $0.10 per haircut | |
| Magazines | $15 | per month |
James currently charges $10.00 per haircut.
Determine net income, assuming 1,500 haircuts are given in a month.
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