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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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