Explore BrainMass
Share

Explore BrainMass

    Classified balance sheet for Simon Company

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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

    © BrainMass Inc. brainmass.com October 9, 2019, 8:41 pm ad1c9bdddf
    https://brainmass.com/economics/income-distribution/classified-balance-sheet-for-simon-company-159239

    Solution Preview

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

    Solution Summary

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

    $2.19