A Machine Was Purchased at an Invoice Price of $30,000

question 16

Multiple Choice

A machine was purchased at an invoice price of $30,000, subject to a 2 percent cash discount if paid within 10 days. Installation of the machine cost $500. Costs incurred in testing the machine were $80 for the operator's time and $150 for materials. The discount was lost because of late payment of the invoice. Provincial sales tax on invoice price, 4 percent, and amortization during the testing period was $200. The cost that should be recorded for the machine is:

• A) $30,600.
• B) $31,100.
• C) $31,330.
• D) $31,530.

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Definitions:

Phenotypes

The set of observable characteristics or traits of an organism, resulting from the interaction of its genotype with the environment.

Monozygotic Twins

Another term for identical twins, referring to siblings that develop from one zygote that splits and forms two embryos, sharing all their genetic material.

Dizygotic Twins

Also known as fraternal twins, are twins that develop from two different eggs fertilized by two different sperm cells.

Fraternal Twins

Also known as dizygotic twins, these are siblings born at the same time who have developed from two different eggs fertilized by two different sperm, thus they are genetically distinct and not identical.