Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $172,000 with terms of...
Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $172,000 with terms of 5/15, n/45. Payment was made within the discount period. Shipping costs were $4,600, which included $240 for insurance in transit. Installation costs totaled $12,600, which included $5,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the 10-ton draw press is:
Homework Answers
| Calculation of capitalized cost of the 10-ton draw press | |
| Purchase price | $163,400 |
| ($172,000 x 95%) | |
| Shipping Costs | $4,600 |
| Installation costs | $12,600 |
| Total cost of equipment | $180,600 |
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Grab Manufacturing Co. purchased a 10-ton draw press at a cost
of $172,000 with terms of...
Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $174,000 with terms of...
Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $174,000 with terms of 4/15, n/45. Payment was made within the discount period. Shipping costs were $5,200, which included $220 for insurance in transit. Installation costs totaled $11,300, which included $4,500 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the 10-ton draw press is: Multiple Choice $188,540. $183,540. $187,040. $181,540.
Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $176,000 with terms of...
Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $176,000 with terms of 3/15, n/45. Payment was made within the discount period. Shipping costs were $4,900, which included $250 for insurance in transit. Installation costs totaled $12,700, which included $4,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the 10-ton draw press is: Multiple Choice 0 $188,320. 0 $186,320. 0 $193,320...
1/ Bloomington Inc. exchanged land for equipment and $2,900 in cash. The book value and the...
1/ Bloomington Inc. exchanged land for equipment and $2,900 in cash. The book value and the fair value of the land were $104,900 and $89,200, respectively. Assuming that the exchange has commercial substance, Bloomington would record equipment and a gain/(loss) of: Equipment Gain/(loss) a. $ 86,300 $ 2,900 b. $ 104,900 $ (2,900 ) c. $ 86,300 $ (15,700 ) d. None of these answer choices are correct. Multiple Choice Option A Option B Option C Option D 2/ Grab...
XYZ Enterprises purchased a heavy machine for $28000, terms 1/10, 1/60, FOB shipping point. It received...
XYZ Enterprises purchased a heavy machine for $28000, terms 1/10, 1/60, FOB shipping point. It received a freight invoice from Fast Delivery for $450.XYZ took advantage of the discount. It also required a special steel mounting and power connection costing $985 and another &600 was paid to put the machine into operation. However due to mishandling during installation a part was damaged and had to be replaced for $380.Another $310 was paid to labor as installation charges. Special insurance @200...
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 $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...
Rizio Co. purchases a machine for $11,500, terms 1/10, n/60, FOB shipping point. Rizidpaid within the...
Rizio Co. purchases a machine for $11,500, terms 1/10, n/60, FOB shipping point. Rizidpaid within the discount period and took the $115 discount. Transportation costs of $260 were paid by Rizio. The machine required mounting and power connections costing $795. Another $375 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $350 worth of repairs were made. Complete the below table to calculate the cost...
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...
Grab Manufacturing Co. purchased a 10-ton draw press at a cost of $176,000 with terms of 3/15, n/45. Payment was made within the discount period. Shipping costs were $4,900, which included $250 for insurance in transit. Installation costs totaled $12,700, which included $4,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the 10-ton draw press is: Multiple Choice 0 $188,320. 0 $186,320. 0 $193,320...
XYZ Enterprises purchased a heavy machine for $28000, terms 1/10, 1/60, FOB shipping point. It received a freight invoice from Fast Delivery for $450.XYZ took advantage of the discount. It also required a special steel mounting and power connection costing $985 and another &600 was paid to put the machine into operation. However due to mishandling during installation a part was damaged and had to be replaced for $380.Another $310 was paid to labor as installation charges. Special insurance @200...
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 $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...
Rizio Co. purchases a machine for $11,500, terms 1/10, n/60, FOB shipping point. Rizidpaid within the discount period and took the $115 discount. Transportation costs of $260 were paid by Rizio. The machine required mounting and power connections costing $795. Another $375 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $350 worth of repairs were made. Complete the below table to calculate the cost...
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...
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