Question: 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
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 ..................................$124,750
Owners' Equity, 12/31/06 ................................$