Posted: January 20th, 2016
From the following data, 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.
| 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 | ? |
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