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Slotnick Chemical received $340,000 from customers as deposits on returnable containers during 2024. Fourteen percent of the containers were not returned. The deposits are based
Slotnick Chemical received $340,000 from customers as deposits on returnable containers during 2024. Fourteen percent of the containers were not returned. The deposits are based on the container cost marked up 25%. How much profit did Slotnick realize on the forfeited deposits? Note: Do not round intermediate calculations.
a)47,600
b)11,900
c)0
d)9520
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The New Yellow Book Government Auditing Standards
Authors: Rebecca A. Meyer
1st Edition
1119784638, 978-1119784630
