Pharoah Company incurs these expenditures in purchasing a truck: cash price $55,000, accident insurance (during use) $2,900, sales taxes $3,000, motor vehicle license $100, and painting and lettering $1,600. What is the cost of the truck?
Answer:
Cost of Truck is 59600.
Explanation:
Cost of Truck = Cash Price + Sales Tax + Painting and Lettering
59600 = 55000 + 3000 + 1600
Accident Insurance and Motor Vehicle License are not included because they are Revenue Expenses.
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