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    gflo1978's Avatar
    gflo1978 Posts: 9, Reputation: 1
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    #1

    Nov 29, 2007, 12:39 AM
    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 during 2006... 21,750
    Supplies... 3,750
    Land... 130,000
    Net Income for 2006... 479,500
    Owners' Equity, 12/31/06..
    iroman's Avatar
    iroman Posts: 2, Reputation: 1
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    #2

    Apr 27, 2008, 03:40 PM
    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 during 2006... 21,750
    Supplies.. . 3,750
    Land... 130,000
    Mortgage payable... 479,000
    Net Income for 2006... 124,000
    Owners' Equity, 12/31/06..
    Gator1087's Avatar
    Gator1087 Posts: 17, Reputation: 3
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    #3

    Apr 27, 2008, 10:02 PM
    Current Assets
    Cash... 179,750
    Accounts receivable... 123,000
    supplies... 3,750
    Total Current Assets... 306,500
    PPE
    Land... 130,000
    Buildings... 418,500
    Total PPE... 548,500
    Total Assets... 855,000

    Current Liabilities
    Accounts Payable... 62,500

    Stockholders equity
    Beginning Bal 1/1/06... 210,000
    Net Income... 479,500
    less: Dist to owners... 21,750
    Stockholders equity... 667,750

    You might be missing some numbers because it doesn't balance:
    855,000-62,500-667,750=124,750
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