Rains Company purchased equipment on January 1 at a list price of $125,000, with credit terms 2/10, n/30. Payment was made within the discount period. Rains paid $6,250 sales tax on the equipment, and paid installation charges of $2,200. Prior to installation, Rains paid $5,000 to pour a concrete slab on which to place the equipment. What is the total cost of the new equipment

$135,950

Explanation:

Given the following

List price = $125,000

2% discount if payment is made within 10 days

Sales tax = $6,250

Installation charges = $2,200

Concrete slab = $5,000

Total sales = [(100 - 2)% × list price] +sales tax + installation charges + concrete slab

Total sales =( 98% × 125,000) + 6250 + 2200 + 5000

Total sales = $(122,500 + 6250 + 2200 + 5000)

Total sales = $135,950

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