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Nandina Inc. offers a cash rebate of Rs50 on each Rs200 package of biscuits sold during the last three months of 2015. Historically, 30% of
Nandina Inc. offers a cash rebate of Rs50 on each Rs200 package of biscuits sold during the last three months of 2015. Historically, 30% of the companys customers mail in the rebate form. During the last three months of 2015, 5,500,000 packages of biscuits are sold, and 1,050,000 Rs50 rebates are mailed to customers. What is the rebate expense and liability, respectively, shown on the companys 2015 financial statements? a. Rs82,500,000; Rs30,000,000 b. Rs82,500,000; Rs82,500,000 c. Rs825,000; Rs525,000 d. Rs$8,250,000; Rs3,250,000
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