Rizio Company purchases a machine for $10,100, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $101 discount. Transportation costs of $228 were paid by Rizio. The machine required mounting and power connections costing $698. Another $329 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 recorded for this machine. X Answer is not complete. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price $ 10,924 X 10,924 10.031

Rizio Company purchases a machine for $10,100, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $101 discount. Transportation costs of $228 were paid by Rizio. The machine required mounting and power connections costing $698. Another $329 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 recorded for this machine. X Answer is not complete. Amount Included in Cost of Equipment: Invoice price of machine Net purchase price $ 10,924 X 10,924 10.031

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Rizio Company purchases a machine for $10,600, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $106 discount. Transportation costs of $240 were paid by Rizio. The machine required mounting and power connections costing $733. Another $346 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $325 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
Rizio Company purchases a machine for $13,600, terms 2/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $272 discount. Transportation costs of $307 were paid by Rizio. The machine required mounting and power connections costing $940. Another $443 is paid to assemble the machine, and $40 of materials are used to get it into operation. During installation, the machine was damaged and $270 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine, Amount Included in Cost of Equipment: Invoice price of machine 24 13,600 272 Net purchase price 13,328 Transportation 307 Mounting and power connections 940 Assembly 443 Materials used in adjusting 40 Total cost to be recorded 2$ 15,058 eBook Pro G Search or type URL ** %23 $4 & 2 4. 6 7 10 E T Y U D F G H. K L
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.
Rizio Co. purchases a machine for $14,800, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $148 discount. Transportation costs of $334 were paid by Rizio. The machine required mounting and power connections costing $1,023. Another $482 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $215 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 Net purchase price Total cost to be recorded
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Blake furniture recently purchased new equipment for its plant. The list price of the equipment was $40,000. Company paid sales taxes of $2,100 at the date of purchase. Freight charges for theequipment totaled $680. Installation and training costs related to the equipment amounted to $900. During installation, one of the pieces of equipment was accidentally damaged It cost $400 to repair this damage. Blake furniture will depreciate this equipment by straight-line method with half-year convention over an estimated useful life of 3 years assuming a $3,000 scrap value. a. The only accurate way to account for the success or failure of an entity is to accumulate alltransactions from the opening of business until the business eventually liquidates. Comment andexplain whether this is true or not. Moreover, how do you think the concept of consistency aidin the analysis of financial statements? What type of accounting disclosure is required if thisconcept is not applied?