During 2021, Thurs Company offered a P30 cash rebate coupon to customers who purchased one of its new line of products. The company sold 20,000 of these products during 2021. By the end of 2021, 15,200 of the rebates had been claimed and 14,200 had been paid. The historical experience with such rebates indicated that 85% of customers claim the rebates. What amount should be reported as rebate expense for 2021? a. 600,000 c. 456,000 b. 510,000 d. 426,000

During 2021, Thurs Company offered a P30 cash rebate coupon to customers who purchased one of its new line of products. The company sold 20,000 of these products during 2021. By the end of 2021, 15,200 of the rebates had been claimed and 14,200 had been paid. The historical experience with such rebates indicated that 85% of customers claim the rebates. What amount should be reported as rebate expense for 2021? a. 600,000 c. 456,000 b. 510,000 d. 426,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,...

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