Chicago Furniture uses a variety of equipment in its manufacturing facility. On Chicago Furniture's statement of financial position, the "Equipment" balance would contain all of the following costs except

Question

Quizplus · Accepted Answer

Motor vehicle licenses on delivery trucks are considered operating expenses and are not included in the cost of equipment. The Equipment balance on the statement of financial position would include the cost of the equipment itself, installation costs, sales taxes paid on the equipment, and insurance during transit for the equipment.

Chicago Furniture Uses a Variety of Equipment in Its Manufacturing