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Slotnick Chemical received $280,000 from customers as deposits on returnable containers during 2021. Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits

Respuesta :

Answer:

$7,000

Explanation:

The computation of the profit that should realize on the forfeited deposits is given below:

Deposited forfeited is

= $280,000 ×15%

= $42,000

Now the cost of the discount forfeited is

= $42,000 ÷ (100 + 20%$)

= $35,000

So, the profit realized is

= $42,000 - $35,000

= $7,000

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