Classified balance sheet preparation
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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
Owner' 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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The solution explains how to construct a balance sheet
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Balance Sheet For Simon Company at December 31, 2006
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Assets
Current Assets
Cash ...............................................................$ 179, 750
Accounts ...
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