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What do lenders look at in regards to income from a job that has sales commissions?
Wiki User
∙ 17y ago
A standard full documentation loan wants the borrower to be able to prove 2 consecutive years of commissioned income. They will usually require the last 2 years' tax returns along with the most recent month's paystubs. However, there are programs that allow other forms of documentation such as strictly bank statements or no verification of income at all usually at a slight increase in rate. If you need any further details on this or any other mortgage related topic feel free to contact me at 214)607-1445 or eloy@platinumfinancialonline.com. www.1800PFG.com
Wiki User
∙ 17y ago
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How do Security dealers make most of their income?
Most of their income is derived from commissions they earn from sales of securities. Additionally, they may earn some money from choosing their personal investments wisely.
Is accrued income posted as cr to accrued income and debit to sales account net?
no its the opposite Accrude income Dr. Sales Cr. Accrued income is income that has incurred but not yet invoiced.
What is the first section of an income statement?
gross sales
Are sales commissions classified as period costs?
They are classified as a selling cost or nonmanufactoring cost. They are classified as a selling cost or nonmanufactoring cost.
What is the formula for calculating the net income component percentage?
Net income is the income of a business after deducting taxes and other current liabilities. It is sales - Expenses.
How do Security dealers make most of their income?
Most of their income is derived from commissions they earn from sales of securities. Additionally, they may earn some money from choosing their personal investments wisely.
Is sporadic income included in determining alimony?
Yes. If you have a source of income that is continuing, but erratic, (e.g.: sales commissions, etc) what you earn over a period of a year is averaged and that amount is added to your stable income when calculating your support obligation.
What is two of the best car lenders online offering cheap car sales?
Auto Lenders and LendingTree are two of the best car lenders online offering cheap car sales. They are not only offering cheap car sales, but also provide car loans.
What types of commissions do corporate sales jobs pay?
Corporate sales jobs pay 2 types of commission. These are straight which is based off of the percentage of sales and variable commissions pay differently upon reaching targets.
How are sales commissions figured in the promotional products industry?
While sales commissions vary from business to business there are industry standards. How sales commissions are figured depends on the pay structure of the sales rep. Sales reps may work straight commission, salary plus commission and others, it depends on the agreement between the company and rep. Salespeople normally receive their commissions when they write up an order, or when the client/customer pays their invoice. Typically a sales rep gets paid when the sale is complete to avoid problems if an order derails before completion.
How do you calculate sales from net income percentage?
Sales can be calculated by using net income percentage because net income is always reported as a percentage of sales. For exmaple net income of 20 is a 20% of sales so sales will be as follows: 20% sales = net income Sales = Net income / 20 * 100 Sales = 20 /20 * 100 = 100 So Sales = 100
Are commissions earned an income statement acccount?
They Don't go on the balance sheet unless they are currently earned but owed at a later date. When paid out at the time they are earned they would be assigned to the Income & Expense statement as an expense to "sales commission's Expenses". The only time they would show up on the balance sheet if they were earned but not yet paid out then they would be credited to the accounts payable column in current liabilities as maybe "sales commisions owing" against a debit to the expense account ......... expense account - sales commissions $xxxx Dr - liability account - Sales Commissions owing $xxx Cr
Is sales commissions a fixed or variable cost?
Sales Commission varies with volume of sales that's why it is a variable cost as much the sales as much the sales commission, high sales high sales commission and vice versa.
Is commissions a fixed or variable costs?
Sales Commission varies with volume of sales that's why it is a variable cost as much the sales as much the sales commission, high sales high sales commission and vice versa.
Is sales return an income account?
Yes, sales returns does appear in the income statement:Revenues:Sales 250,000less Sales returns 25,000
Is net sales and and net income the same thing?
Net sales and Net Income are not of the same thing. Net sales is sales less its contra accounts (sales returns and allowances, sales discounts). On the other hand, net income or profit is net sales less the expenses.
Are sales commissions a direct labor cost?
is salesmen commission apart of direct labor
