Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

During 2021, Mickey Mouse Corporation shipped 690 horcruxes on consignment to a consignee. The cost of each horcrux was $120. Mickey Mouse Corporation agreed to

During 2021, Mickey Mouse Corporation shipped 690 horcruxes on consignment to a consignee. The cost of each horcrux was $120. Mickey Mouse Corporation agreed to reimburse the consignee for any advertising expense incurred in the selling of the horcruxes.

On December 31, 2021, the consignee reported the sale of 330 horcruxes at $630 each. The consignee remitted payment to Mickey Mouse Corporation for the amount due after deducting an advertising expense of $10,000 and a 8% commission.

How much net profit before taxes would Mickey Mouse Corporation report from the above information?

$141,668

$181,268

$182,068

$142,468

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions