Question
Orion Flour Mills purchased new equipment and made the following expenditures: Purchase price $ 75,000 Sales tax 6,000 Shipment of equipment 1,000 Insurance on the
Orion Flour Mills purchased new equipment and made the following expenditures:
| Purchase price | $ 75,000 |
|---|---|
| Sales tax | 6,000 |
| Shipment of equipment | 1,000 |
| Insurance on the equipment for the first year | 700 |
| Installation of equipment | 2,000 |
Required:
Determine the financial statement effects of the above expenditures for the new equipment. All expenditures were paid in cash
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African Charter For Internal Audit Of Cooperative Governance
Authors: Donfack MEKONTCHOU ROCHE
1st Edition
6205541777, 978-6205541777
