Homework Help is Here – Start Your Trial Now!
Business
Accounting
Check my work 1 Pitney Co. purchased an office building, land, and furniture for $636,700 cash. The appraised value of the assets was as follows: Land Building Furniture $121,228 199,669 eBook 392,207 $713,104 Ask Total Print Required a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required A Required B Record the purchase in a horizontal statements model. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, F for net change in cash; leave the cell blank if the Statement of Cash Flow is not affected. Enter any decreases to account balances with a minus sign.) PITNEY CO. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Net Income Assets Building 178,276 + Liabilities Equity Revenue Expense Flow Cash Land + Furniture (636,700) + 108,239 350,185 IA < Required A Required B

Check my work 1 Pitney Co. purchased an office building, land, and furniture for $636,700 cash. The appraised value of the assets was as follows: Land Building Furniture $121,228 199,669 eBook 392,207 $713,104 Ask Total Print Required a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required A Required B Record the purchase in a horizontal statements model. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, F for net change in cash; leave the cell blank if the Statement of Cash Flow is not affected. Enter any decreases to account balances with a minus sign.) PITNEY CO. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Net Income Assets Building 178,276 + Liabilities Equity Revenue Expense Flow Cash Land + Furniture (636,700) + 108,239 350,185 IA < Required A Required B

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
100%

Having an issue with this problem.

Thank you

Check my work 1 Pitney Co. purchased an office building, land, and furniture for $636,700 cash. The appraised value of the assets was as follows: Land Building Furniture $121,228 199,669 eBook 392,207 $713,104 Ask Total Print Required a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Check my work 1 Pitney Co. purchased an office building, land, and furniture for $636,700 cash. The appraised value of the assets was as follows: Land Building Furniture $121,228 199,669 eBook 392,207 $713,104 Ask Total Print Required a. Compute the amount to be recorded on the books for each asset. b. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below.
Complete this question by entering your answers in the tabs below. Required A Required B Record the purchase in a horizontal statements model. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, F for net change in cash; leave the cell blank if the Statement of Cash Flow is not affected. Enter any decreases to account balances with a minus sign.) PITNEY CO. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Net Income Assets Building 178,276 + Liabilities Equity Revenue Expense Flow Cash Land + Furniture (636,700) + 108,239 350,185 IA < Required A Required B
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required A Required B Record the purchase in a horizontal statements model. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, F for net change in cash; leave the cell blank if the Statement of Cash Flow is not affected. Enter any decreases to account balances with a minus sign.) PITNEY CO. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Net Income Assets Building 178,276 + Liabilities Equity Revenue Expense Flow Cash Land + Furniture (636,700) + 108,239 350,185 IA < Required A Required B
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Corporate Ethics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS