My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 11 -- PROPERTY, EQUIPMENT, and OTHER ASSETS now. Problem 4 asks me to Using the following information, determine the proper amount to be capitalized in the asset account Equipment. Invoice price of equipment $8,000 Cash discount allowed: 2% of invoice $160 Freight-in paid $300 Speeding ticket given to our truck driver while the driver was delivering equipment $25 Installation costs $150 Sales tax on purchase $308 Repair of damages due to equipment being dropped off truck $200
My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 11 -- PROPERTY, EQUIPMENT, and OTHER ASSETS now.
Problem 4 asks me to Using the following information, determine the proper amount to be capitalized in the asset account Equipment.
Invoice price of equipment $8,000
Cash discount allowed: 2% of invoice $160
Freight-in paid $300
Speeding ticket given to our truck driver while the driver was delivering equipment $25
Installation costs $150
Sales tax on purchase $308
Repair of damages due to equipment being dropped off truck $200
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