Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 8 q 1 rizio co. purchases a machine for $11,900,

8 Q 1 Rizio Co. purchases a machine for $11,900, terms 1/10, n/60,...

50.1K

Verified Solution

Question

Accounting

8 Q 1

image

Rizio Co. purchases a machine for $11,900, terms 1/10, n/60, FOB shipping point. The seller prepaid the $269 freight charges, adding the amount to the invoice and bringing its total to $12,169. The machine requires special steel mounting and power connections costing $823. Another $388 is paid to assemble the machine and get it into operation. In moving the machine to its steel mounting. $265 in damages occurred. Materials costing $40 are used in adjusting the machine to produce a satisfactory product. The adjustments are normal for this machine and are not the result of the damages. Complete the below table to calculate the cost recorded for this machine. (Rizio pays for this machine within the cash discount period.) Amount Included in Cost of Equipment: Invoice price of machine Net purchase price Total cost to be recorded

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

Suppose we need to construct a tin can with a fixed volume V cm3 in the...

Psychology
1.2K views

how is rising tuition a current social issue and what would need to happen to address...

Biology
1.2K views

What were the U S interests in annexing Hawaii O Both economic Interests and a...

Geometry
1.2K views

Question 7 Points 2 In the construction of the center of a circle the concept...

Basic Math
1.2K views

Verify the identity Simplify your answers completely 5 sin z 6 cos z 5 sin...

Basic Math
1.2K views

In how many ways could members of the following club line up all 9 members...

Accounting
1.2K views

pleasd read carefully and answer asvearly as possible In terms of Porter's Five...

Accounting
1.2K views

Question: What is a singularity in complex analysis? A) A point where a...

Accounting
1.2K views

Muneer Trading Company is dealing in different kinds of buying and selling of goods in...

Accounting
1.2K views

business will violate the Clean Water Act if it does which of the following? Choose...

Accounting
1.2K views

Gelbart Company manufactures gas grills. Fixed costs amount to $24,156,000 per year. Variable costs per...

Accounting
1.2K views

Prapare all nacassary journal antrias for Sloysong for this leasa through December 31,2025.(List all debit...