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Answer :
Final answer:
The revenue Apex Consignments should report on its 2009 income statement is $500,000, which is the 25% commission they earned from the total sales of $2,000,000.
Explanation:
Apex Consignments' reported revenue on its 2009 income statement should be the amount of total commissions they retained from the sales of items during that year. Since the total sales price of items sold in 2009 was $2,000,000 and Apex's commission rate is 25%, the commission they earned, and thus their revenue would be $500,000.
The $5,000,000 mentioned in the question seems to be a typo since it is larger than the total sales price of the items, which would be impossible given the 25% commission rate.
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