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Classified balance sheet for Simon Company

Balance Sheet Preparation

From the following data, prepare a 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 . . . . . . .......... . . . . . . ?

Solution Preview

Simon Company
Balance Sheet
As on December 31, 2006
Assets
Current Assets
Cash 179,750
Accounts Receivable 123,000
Supplies 3,750 ...

Solution Summary

The solution explains how to prepare a classified balance sheet for Simon Company

$2.19