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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

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