Selena located an excellent office location and she and Ian rented the office space. Selena uses 30% of the space solely for her business; Ian uses 40% of the space solely for his business. The remainder is shared equally by both. How should the total rent and other space expenses be allocated?
a. 30% to Selena; 40% to Ian
b. 45% to Selena; 55% to Ian
c. 50% to Selena; 50% to Ian
d. 30% to Selena; 40% to Ian; 30% to Building Expense
b
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Suppose the exchange value of the British pound is $2 per pound while the exchange value of the Swiss franc is 50 cents per pound. The cross-exchange rate between the pound and the franc is
a. 1 franc per pound. b. 2 francs per pound. c. 3 francs per pound. d. 4 francs per pound.
Selling Expenses include
a. Office Salary Expense. b. Advertising Expense. c. Insurance Expense. d. Rent Expense.
When inventory is sold by a wholesaler or retailer, it is recorded in a different account on the income statement than a manufacturer would use
a. True b. False Indicate whether the statement is true or false
An account linked with another account that has an opposite normal balance and is subtracted from the balance of the related account is a(n):
A. Accrued expense. B. Contra account. C. Accrued revenue. D. Adjunct account. E. Intangible asset.