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Mad Hatter Enterprises purchased new equipment for $373,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows: State sales tax $ 30,000 Freight costs 6,400 Insurance
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Mad Hatter Enterprises purchased new equipment for $373,000, terms f.o.b. shipping point. Other costs connected with the purchase were as follows: State sales tax $ 30,000 Freight costs 6,400 Insurance while in transit 880 Insurance after equipment placed in service 1,280 Installation costs 2,400 Insurance for the first year of operations 2,800 Testing 780

User Kindofgreat
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Answer: $332,540

Explanation: find attached my solution in the document below.

NB : note that the Insurance after equipment placed in service and Insurance for the first year of operations was not added because these are to be termed expenses to be deducted in the P & L account.

Mad Hatter Enterprises purchased new equipment for $373,000, terms f.o.b. shipping-example-1
User I Bowyer
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