Rochester Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax $ 59,000 5,200 Shipment of equipment 840 Insurance on the equipment for the first year Installation of equipment 540 1,680 Required: Determine the financial statement effects of the above expenditures for the new equipment. All expenditures were paid in cash. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Net Expenses Income
Rochester Flour Mills purchased new equipment and made the following expenditures: Purchase price Sales tax $ 59,000 5,200 Shipment of equipment 840 Insurance on the equipment for the first year Installation of equipment 540 1,680 Required: Determine the financial statement effects of the above expenditures for the new equipment. All expenditures were paid in cash. Note: Amounts to be deducted should be indicated by a minus sign. Assets Balance Sheet Liabilities Stockholders' Equity Common Stock Retained Earnings Revenues Income Statement Net Expenses Income
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter6: Statement Of Cash Flows
Section: Chapter Questions
Problem 25E
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