Rizio Co. purchases a machine for $11,000, terms 2/10, n. Rizio paid within the discount period and took the $220 costs of $249 were paid by Rizio. The machine required connections costing $760. Another $359 is paid to asse $40 of materials are used to get it into operation. During machine was damaged and $235 worth of repairs were Complete the below table to calculate the cost recorded Amount Included in Cost of Equipment: Invoice price of machine
Rizio Co. purchases a machine for $11,000, terms 2/10, n. Rizio paid within the discount period and took the $220 costs of $249 were paid by Rizio. The machine required connections costing $760. Another $359 is paid to asse $40 of materials are used to get it into operation. During machine was damaged and $235 worth of repairs were Complete the below table to calculate the cost recorded Amount Included in Cost of Equipment: Invoice price of machine
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:Rizio Co. purchases a machine for $11,000, terms 2/10, n/60, FOB shipping point.
Rizio paid within the discount period and took the $220 discount. Transportation
costs of $249 were paid by Rizio. The machine required mounting and power
connections costing $760. Another $359 is paid to assemble the machine and
$40 of materials are used to get it into operation. During installation, the
machine was damaged and $235 worth of repairs were made.
Complete the below table to calculate the cost recorded for this machine.
Amount Included in Cost of Equipment:
Invoice price of machine
Less: Discount
Net purchase price
Transportation
Mounting and power connections
Assembly
Materials used in adjusting
Total cost to be recorded
%24
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Rizio Company purchases a machine for $13,800, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $276 discount. Transportation costs of $312 were paid by Rizio. The machine required mounting and power connections costing $954. Another $450 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $285 worth of repairs were made.
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