What is the expense that Holyoak should report for its promotional rebates in its 2016 income statement?
A)$142,000.
B)$152,000.
C)$170,000.
D)$200,000.

Question

Quizplus · Accepted Answer

The expense that Holyoak should report for its promotional rebates in its 2016 income statement is the total amount of rebates given out during the year, which is $170,000 ($100,000 + $50,000 + $20,000). Therefore, the correct option is C.

What Is the Expense That Holyoak Should Report for Its