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Slotnick Chemical received $400,000 from customers as deposits on returnable containers during 2021. Twelve percent of the containers were not returned. The deposits are based on the container cost marked up 30%. How much profit did Slotnick realize on the forfeited deposits?

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eooyibo123

Answer:

Profit on the forfeited deposit = $14,400

Explanation:

$400,000 is the amount as deposit on returnable containers

12% were not returned

Therefore part of the deposit that was forfeited = 400,000* 0.12= $48,000

On the forfeited deposit cost marked up (gained) is 30%

Therefore

Profit on the forfeited deposit = 48,000* 0.30= $14,400

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