Question
he following items were among those that were reported on Dye Co.'s income statement for the year ended December 31, 2020: Legal and audit fees130,000
he following items were among those that were reported on Dye Co.'s income statement for the year ended December 31, 2020:
Legal and audit fees130,000
Rent for office space180,000
Interest on inventory floor plan210,000
Loss on abandoned equipment used in operations35,000
The office space is used equally by Dye's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses in Dye's income statement?
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Modern Advanced Accounting in Canada
Authors: Hilton Murray, Herauf Darrell
8th edition
1259087557, 1057317623, 978-1259087554
