Speed-ee Delivery is purchasing a new truck for its fleet. It pays the following costs at the time of the purchase. Cost Amount Purchase Price $ 60,000 Title Fees 1,800 Sales Tax 4,200 Insurance for the 1st year 3,000 What is the amount that Speed-ee Delivery will record as an Equipment asset for the purchase of the truck?
Speed-ee Delivery is purchasing a new truck for its fleet. It pays the following costs at the time of the purchase. Cost Amount Purchase Price $ 60,000 Title Fees 1,800 Sales Tax 4,200 Insurance for the 1st year 3,000 What is the amount that Speed-ee Delivery will record as an Equipment asset for the purchase of the truck?
Chapter11: Long-term Assets
Section: Chapter Questions
Problem 5MC: Ngo Company purchased a truck for $54,000. Sales tax amounted to $5,400; shipping costs amounted to...
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Speed-ee Delivery is purchasing a new truck for its fleet. It pays the following costs at the time of the purchase.
| Cost | Amount |
|---|---|
| Purchase Price | $ 60,000 |
| Title Fees | 1,800 |
| Sales Tax | 4,200 |
| Insurance for the 1st year | 3,000 |
What is the amount that Speed-ee Delivery will record as an Equipment asset for the purchase of the truck?
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