Pitney Co. purchased an office building, land, and furniture for $690,000 cash. The appraised value of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Pitney Co. purchased an office building, land, and furniture for $690,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total $131,376 239,568 401,856 $772,800 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Allocated Cost Land Building Furniture Total Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Show the purchase in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for finar cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. Do not round intermediate calculations. Round your final answers to th PITNEY CO. Horizontal Statements Model Balance Sheet Liability Assets Building + Income Statement Expenses Stockholder's Equity Statement of Cash Flows Net Income Cash + + + = < Required A Required B > Land Furn. + Revenue Pitney Co. purchased an office building, land, and furniture for $690,000 cash. The appraised value of the assets was as follows: Land Building Furniture Total $131,376 239,568 401,856 $772,800 Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Compute the amount to be recorded on the books for each asset. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Allocated Cost Land Building Furniture Total Required a. Compute the amount to be recorded on the books for each asset. b. Show the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Show the purchase in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activity, IA for investing activity, FA for finar cash. Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require input. Do not round intermediate calculations. Round your final answers to th PITNEY CO. Horizontal Statements Model Balance Sheet Liability Assets Building + Income Statement Expenses Stockholder's Equity Statement of Cash Flows Net Income Cash + + + = < Required A Required B > Land Furn. + Revenue
Expert Answer:
Answer rating: 100% (QA)
a Land Building Furniture Total Allocated Cost 117300 213900 358800 690... View the full answer
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these accounting questions
-
On March 31, 2016, Susquehanna Insurance purchased an office building for $12,000,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to...
-
On March 31, 2018, Susquehanna Insurance purchased an office building for $12,000,000. Based on their relative fair values, one-third of the purchase price was allocated to the land and two-thirds to...
-
The appraised value of a property has increased 233 1/3% since it was purchased by the present owner. The purchase price of the property was $120 000, its appraised value at that time. (a) How much...
-
Refer to the table for Moola at the bottom of this page to answer the following questions. What is the equilibrium interest rate in Moola? What is the level of investment at the equilibrium interest...
-
Haynes, Inc., obtained 100 percent of Turner Companys common stock on January 1, 2011, by issuing 9,000 shares of $10 par value common stock . Hayness shares had a $15 per share fair value. On that...
-
Rather surprisingly, it turns out that a certain type of supernova explosion (called Type 1a and associated with detonating white-dwarf stars) has a peak luminosity L that can be determined by...
-
Identify and briefly explain the major differences in EDP controls in an online realtime system.
-
Information related to Almond Co. is presented below. 1. On April 5, purchased merchandise from Morris Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs...
-
What considerations should be taken into account when applying trauma-informed approaches to conflict resolution, and how can practitioners create safe and supportive environments for individuals who...
-
In this section, you will select five stocks from the provided list and determine their values by applying an appropriate valuation model from the following options: price to multiple model (earning...
-
Let f(x)=(Inx)6 f'(x)=. f(e)=- Answer(s) submitted: no response no response submitted: (incorrect) recorded: (incorrect) Problem 7. (1 point) The number x of stereo speakers a retail chain is willing...
-
Thunderduck Shoes provides shoe shining and repair services to customers. For the year which ended Dec 31, the company reports the following amounts: Account Amount Account Amount Rent Expense 22,400...
-
3. You have been provided with the information listed below for the City of XYZ. 2024 2025 market value of taxable property $1.3 billion increases by 2.0% from 2024 exemptions $26 million increases...
-
Formulate your answer based on the information below. The intensity of care delivered dropped from a budgeted case mix of 0 . 9 0 to an actual case mix of 0 . 8 5 . What dollar effect did this have...
-
The adjusted trial balance for Chiara Company as of December 31 follows. Cash Accounts receivable Interest receivable Debit $ 30,000 Credit 52,000 18,000 nt ok Notes receivable (due in 90 days)...
-
Capitalized Interest (LIVELY ACE Ch 9 Pt 2) On January 1, Year 1, Romano Tire Service, Inc. signed a contract to have a new service center built for $900,000. On the same day, Romano borrowed...
-
For the valuation of the HZ stock, the following forecast is considered the most reasonable: the company will keep up the current 20% annual growth of its dividends for two more years, and then the...
-
Using thermodynamic data from Appendix 4, calculate G at 258C for the process: 2SO 2 (g) + O 2 (g) 88n 2SO 3 (g) where all gases are at 1.00 atm pressure. Also calculate DG8 at 258C for this same...
-
Harris Co. started the year with no inventory. During the year, it purchased two identical inventory items. The inventory was purchased at different times. The first purchase cost $3,600 and the...
-
Ford Motor Company is one of the worlds largest automobile manufacturing companies. The following data were taken from the companys 2013 annual report: Required a. Compute Fords price-earnings ratio...
-
The following transactions relate to Academy Towing Service. Assume the transactions for the purchase of the wrecker and any capital improvements occur on January 1 of each year. 2016 1. Acquired...
-
A stepped bar, fixed at \(x=0\) and free at \(x=l\), has a cross-sectional area of \(2 A\) for \(0 \leq x
-
Estimate the fundamental frequency for the longitudinal vibration of a uniform bar fixed at \(x=0\) and free at \(x=l\) by assuming the mode shapes as (a) \(U(x)=c_{1}(x / l)\) and (b) \(U(x)=c_{1}(x...
-
Estimate the fundamental frequency of a fixed-fixed string, assuming the mode shape (a) \(W(x)=c_{1} x(l-x)\) and (b) \(W(x)=c_{1} x(l-x)+c_{2} x^{2}(l-x)^{2}\).
Study smarter with the SolutionInn App