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prepare a classified balance sheet for Simon Company at December 31, 2006.
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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