Preparation of classified balance sheet from the given data.
Balance Sheet Preparation
From the following data, prepare a classified balance sheet for Simon Company at December 31, 2006.
|
Spreadsheet
|
|
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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
|
?
|