Task: Balance Sheet Preparation
From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
Accounts payable . . . . . . . . . . . ...... . . . . . . $ 62,500
Accounts receivable . . . . . . . . ....... . . . . . . . . 123,000
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . 418,500
Owners' equity, 1/1/06 . . . . . . ........ . . . . . . . . 210,000
Cash . . . . . . . . . . . . . . .. . . . . . . . . . . . . 179,750
Distributions to owners during 2006 ................. . . . 21,750
Supplies . . . . . . . . . . . . . . . .. . . . . . . . . . 3,750
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,000
Mortgage payable . . . . . . . . . . . ........ . . . . . . 479,500
Net income for 2006 . . . . . . . . . ......... . . . . . . 124,750
Owners' equity, 12/31/06 . . . . . . .......... . . . . . . ?