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Preparation of a classified balance sheet

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Reference no: EM1319563

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

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Reference no: EM1319563

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