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