Preparation of classified balance sheet using given data

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Reference no: EM1319571

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	?

Reference no: EM1319571

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