Question

Lofton Company purchased a delivery truck. The total cash payment was $27,900, including the following items.
Negotiated purchase price .......... $24,000
Installation of special shelving ....... 1,100
Painting and lettering ............ 900
Motor vehicle license ............ 100
Annual insurance policy ........... 500
Sales tax ................. 1,300
Total paid ............... $27,900
Explain how each of these costs would be accounted for.



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  • CreatedJanuary 30, 2014
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