I am lost how to balance this sheet. I have it correct except the question mark at the end. Please help.

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's Equity 1/1/06 210,000
Cash 179,750
Distributions to owners 2006 21,750
Supplies 3,750
Land 130,000
Mortgage payable 479,500
Net Income for 2006 124,750
Owner's Equity 12/31/06 ?

Assets = Liabilities + Owner's Equity

Owner's Equity for the Year is Calculated as: Beginning + Net Income – Any Distributions to owners = Closing Owner's Equity.

Based on those calculations, do you think you can take a stab at the answer?

I do not know where I am stubbling but your answer was as follows:

Assets = Liabilities + Owner's Equity

Owner's Equity for the Year is Calculated as:

Beginning + Net Income - any Distrivution to owners = Closing Owner's Equity

Sorry still cannot get it.

The following are assets:
Accounts Receivable 123,000
Buildings 418,500
Cash 179,750
Supplies 3,750
Land 130,000

The following are liabilities:
Accounts Payable $62,500
Mortgage payable 479,500

The following should be used in calculating Owner's Equity:
Owner's Equity 1/1/06 210,000
LESS Distributions to owners 2006 21,750
PLUS Net Income for 2006 124,750
EQUALS Owner's Equity 12/31/06 ?

The following are assets:
Accounts Receivable 123,000
Buildings 418,500
Cash 179,750
Supplies 3,750
Land 130,000

The following are liabilities:
Accounts Payable $62,500
Mortgage payable 479,500

The following should be used in calculating Owner’s Equity:
Owner's Equity 1/1/06 210,000
LESS Distributions to owners 2006 21,750
PLUS Net Income for 2006 124,750
EQUALS Owner's Equity 12/31/06 ?

Okay,

I used the formula and concluded at $313,000 (Owner's Equity 12/31/06)

o/e - distributions + net income = o/e 12/31/06

Thank you. The other a + L are pretty straightforward.

Thank you.

313,000 is the correct answer.

Good job!

And you're welcome.

Got it finally less distribution to owners was missing out of the equation.

Thanks


The following are assets:
Accounts Receivable 123,000
Buildings 418,500
Cash 179,750
Supplies 3,750
Land 130,000

The following are liabilities:
Accounts Payable $62,500
Mortgage payable 479,500

The following should be used in calculating Owner’s Equity:
Owner's Equity 1/1/06 210,000
LESS Distributions to owners 2006 21,750
PLUS Net Income for 2006 124,750
EQUALS Owner's Equity 12/31/06 ?

Very informative