Question

the list price of a computer was $100,000. the sales tax on the computer was 5%. the delivery cost was $1,000. the cost to assemble the computer was $500. the equipment account should be debited for a total of ______.

Answer 1

The equipment account should be debited for a total of $106,500.

Using this formula

Equipment account=List price+(Sales tax × List Price)+ Delivery cost+ Assemble cost

Where:

List price=$100,000

Sales tax=5%

Delivery cost=$1,000

Assemble cost=$500

Let plug in the formula

Equipment account=$100,000+(5%×$100,000)+$1,000+$500

Equipment account$100,000+$5,000+$1,000+$500

Equipment account=$106,500

Inconclusion the equipment account should be debited for a total of $106,500.

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