Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

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 . . . . . . . . . . . . .  ?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919636

Have any Question? 


Related Questions in Accounting Basics

Discussion 1 and 2discussion 1select one of the following

Discussion 1 and 2 Discussion 1 Select one of the following tools: the nine steps in Ackerman and Anderson's roadmap for change, Cummings and Worley's five dimensions of leading and managing change, or the three componen ...

Careers in accountingaccounting is the study of how

Careers in Accounting Accounting is the study of how businesses track their income and assets over time. Accountants engage in a wide variety of activities in addition to preparing financial statements and recording busi ...

Accounting systems and assurance assessment internal

Accounting Systems and Assurance Assessment: Internal Control and information quality Accounting students learn how to process, analyse and use accounting information. It is also necessary to learn what contributes to th ...

1 what was the hospitals original profit forecast assume

1. What was the hospital's original profit forecast (assume away any issues with depreciation, taxes, etc.)? Halfway through the fiscal year, what is the hospital's revised projection for FY11 profits? 2. Which inpatient ...

Assignmentparticipation topic mandatoryinventory additional

Assignment Participation Topic (Mandatory) Inventory Additional Lecture Notes Class, Let me see if I can work up an example of how to calculate and use the different inventory methods. Let us use the following informatio ...

Tf question1under the modified accrual basis of accounting

T/F QUESTION 1 Under the modified accrual basis of accounting, there is no matching principle and no attempt to amortize costs that benefit multiple periods. 2 In fund accounting, expenditures may be classified in differ ...

1 the objective of a firms management should be to only

1. The objective of a firm's management should be to only undertake the projects that ________ the market value of shareholders' equity. a. decrease b. increase c. do not change d. provide zero change to e. none of the a ...

Question 1the company you work for has a large amount of

Question 1 The company you work for has a large amount of disposable cash and very little debt on its books. The board of directors has expressed an interest in taking this money and investing in equity and debt securiti ...

Question 1abc inc has estimated the following revenues and

Question 1 ABC Inc. has estimated the following revenues and expenses related phase I of a proposed new housing development? Incremental sales= $5,081,953, total cash expenses $3,212,751, depreciation $623,167, taxes 33% ...

1 which of the following statements about equity is

1. Which of the following statements about equity is correct? A. If equity is negative, debt exceeds total assets B. If equity is negative, total assets exceed debt C. If equity is negative, equity exceeds assets D. If e ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen