A company bought a machine for U.S. $50,000 on January 1, 2013. The machine is to be

Question:

A company bought a machine for U.S. $50,000 on January 1, 2013. The machine is to be delivered in one week and is payable upon receipt of the machine. The company has not yet paid for the machine. It is now January 15, 2013, and the company must present a financial statement. What would be reflected on the regarding this transaction?
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...