Answer:
Amount Included in Cost of Equipment: | |
Amount($) | |
Invoice price of machine | 14500 |
Less: Discount(14500*1%) | -145 |
Net purchase price | 14355 |
Tansportation | 328 |
Assembly | 473 |
Mounting and power connections | 1002 |
Materials used in adjusting | 40 |
Total cost to be recorded | 16,198 |
Note: the $355 repairs for damage occurred are an expense because it is not a normal and reasonable expenditure necessary to get the asset in place and ready for its intended use |
Exercise 8-1 Cost of plant assets LO C1 Saved Help Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a ma...
Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $9,800, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $196 discount. Transportation costs of $221 were paid by Rizio. The machine required mounting and power connections costing $677. Another $319 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $290 worth of repairs were...
Check my work Exercise 8-1 Cost of plant assets LO C1 1.66 points Rizio Co. purchases a machine for $11,400, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $114 discount. Transportation costs of $258 were paid by Rizio. The machine required mounting and power connections costing $788. Another $372 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and...
Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $11,300, terms 2/10, n/60, FOB shipping point. The seller prepaid the $255 freight charges, adding the amount to the invoice and bringing its total to $11,555. The machine requires special steel mounting and power connections costing $781. Another $368 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting, $360 in damages occurred. Materials costing $40 are...
Exercise 10-1 Cost of plant assets cil Rizio Co. purchases a machine for $12,500, terms 210, n60, FOB shipping point. Rizio paid within the discount period and took the $250 discount. Transportation costs of $360 were paid by Rizio. The machine required mounting and power connections costing $895. Another $475 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $180 worth of repairs were made....
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Rizio Co. purchases a machine for $10,900, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $218 discount. Transportation costs of $246 were paid by Rizio. The machine required mounting and power connections costing $754. Another $355 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $225 worth of repairs were made. Complete the below table to calculate the...
Rizio Co. purchases a machine for $13,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $139 discount. Transportation costs of $314 were paid by Rizio. The machine required mounting and power connections costing $961. Another $453 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $315 worth of repairs were made points Complete the below table to calculate...
Rizio Co. purchases a machine for $14,900, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $298 discount. Transportation costs of $337 were paid by Rizio. The machine required mounting and power connections costing $1,030. Another $486 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $375 worth of repairs were made. Complete the below table to calculate the...
Rizio Co. purchases a machine for $11,600, terms 2/10,n/60, FOB shipping point. Rizio paid within the discount period and took the $232 discount. Transportation costs of $262 were paid by Rizio. The machine required mounting and power connections costing $802. Another $378 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $370 worth of repairs were made. Complete the below table to calculate the cost...
Rizio Co purchases a machine for $12,500, terms 2/10,n/60, FOB shipping point. Rizio paid within the discount period and took the $250 discount. Transportation costs of $360 were paid by Rizio. The machine required mounting and power connections costing $895 Another $475 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $180 worth of repairs were made. Complete the below table to calculate the cost...