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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 . . . . . . . . . . . . .	?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M919636

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