I need help with this question. Norman Geological Surveys located in Baltimore, Maryland purchased surveying equipment from a manufacturer, in Raleigh, North Carolina for $26,700. Norman incurred the following additional charges in relation to the equipment: Total Freight from Raleigh to Baltimore $2520. Norman and the seller divided these charges amongst themselves in the following ratio: Norman 32%; Manufacturer 68%. Insurance premium on equipment while in transit $420 Insurance premium on equipment for first year $320 Installation of Equipment: $750 Testing of Equipment to make sure it was installed properly: $275 Sales Taxes $1842 Calculate the cost of the equipment on Norman’s books? Round your calculations to the nearest dollar.
I need help with this question. Norman Geological Surveys located in Baltimore, Maryland purchased surveying equipment from a manufacturer, in Raleigh, North Carolina for $26,700. Norman incurred the following additional charges in relation to the equipment: Total Freight from Raleigh to Baltimore $2520. Norman and the seller divided these charges amongst themselves in the following ratio: Norman 32%; Manufacturer 68%. Insurance premium on equipment while in transit $420 Insurance premium on equipment for first year $320 Installation of Equipment: $750 Testing of Equipment to make sure it was installed properly: $275 Sales Taxes $1842 Calculate the cost of the equipment on Norman’s books? Round your calculations to the nearest dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help with this question.
Norman Geological Surveys located in Baltimore, Maryland purchased surveying equipment from a manufacturer, in Raleigh, North Carolina for $26,700. Norman incurred the following additional charges in relation to the equipment:
- Total Freight from Raleigh to Baltimore $2520. Norman and the seller divided these charges amongst themselves in the following ratio: Norman 32%; Manufacturer 68%.
- Insurance premium on equipment while in transit $420
- Insurance premium on equipment for first year $320
- Installation of Equipment: $750
- Testing of Equipment to make sure it was installed properly: $275
- Sales Taxes $1842
Calculate the cost of the equipment on Norman’s books? Round your calculations to the nearest dollar.
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