Q1) Balance Sheet Preparation
From data given below, create 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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