Task: Balance sheet preparation
Problem: 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
Owner' 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 ............................. $ ______