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Rains Company purchased equipment on January 1 at a list price of $125,000, with credit terms2/10, n/30. Payment was made within the discount period. Rains paid $6,250 sales tax on theequipment and paid installation charges of $2,200. Prior to installation, Rains paid $5,000 to pour aconcrete slab on which to place the equipment. What is the total cost of the new equipment

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abiolataiwo2015

Answer:

$135,950

Explanation:

Calculation to determine the total cost of the new equipment

Using this formula

New equipment Total cost =(List price × (100% - 2%) + Sales tax + Installation + Concrete slab)

Let plug in the formula

New equipment Total cost=[$125,000 *(100%-2%)]+ $6,250 + $2,200 + $5,000

New equipment Total cost=($125,000 *.98) + $6,250 + $2,200 + $5,000

New equipment Total cost=$135,950

Therefore the total cost of the new equipment is $135,950

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