Question
Exercise 8-1 Cost of plant assets LO C1

Saved Help Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $14,500, terms 1/10, n/60, FOB shipping
1 0
Add a comment Improve this question Transcribed image text
Answer #1

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
Add a comment
Know the answer?
Add Answer to:
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...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Exercise 8-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $9,800, terms...

    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...

    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...

    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 poin...

    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....

  • Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $12,200, terms...

    Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $12,200, terms 1/10, n/60, FOB shipping point. The seller prepaid the $276 freight charges, adding the amount to the invoice and bringing its total to $12,476. The machine requires special steel mounting and power connections costing $843. Another $398 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting. $290 in damages occurred. Materials costing $40 are...

  • Rizio Co. purchases a machine for $10,900, terms 2/10, n/60, FOB shipping point. Rizio paid within...

    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...

    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...

    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...

    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...

    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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT