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$ (3004=1200 then 120010%=120 and 1200-120= 1080) this too was incorrect. If someone could assist me I would be greatly oblidged.

Answers: 3

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Kerianne paints landscapes, and in late 2016 placed four paintings with a retail price of $300 each...