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    KDaniel448's Avatar
    KDaniel448 Posts: 6, Reputation: 1
    New Member
     
    #1

    Apr 14, 2008, 03:45 PM
    Classified Balance Sheet
    Having trouble figuring which is long term and current assets and liabilities;

    Accounts Payable $62,500
    Accounts receivable $123,000
    Buildings $418,500
    Owners" equity 1/1/06 $210.000
    Cash $179,500
    Distributions to owners during 2006 $21,750
    Supplies $3,750
    Land $130,000
    Motgage Payable $479,500
    Net income for 2006 $124,750
    Owners' equity, 12-31-06 ?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Apr 14, 2008, 11:05 PM
    Current Assets:
    Cash $179,500
    Accounts receivable $123,000
    Supplies $3,750

    Fixed Assets:
    Buildings $418,500
    Land $130,000


    Current Liabilities:
    Accounts Payable $62,500

    Long term Liabilities:
    Mortgage Payable $479,500


    Equity:
    Owners" equity 1/1/06 $210.000
    Distributions to owners during 2006 $21,750
    Net income for 2006 $124,750
    Owners' equity, 12-31-06 ?

    To Calculate OW for 12-31-06: Opening 210 – Distributions 21,750 + Net Income 124,750
    ebonysykes's Avatar
    ebonysykes Posts: 3, Reputation: 1
    New Member
     
    #3

    Apr 15, 2008, 06:37 AM
    Hi the answer to this is
    Simon Company
    Balance Sheet
    December 31, 2006

    Assets
    Current assets:
    Cash $179,750
    Accounts receivable 123,000
    Supplies 3,750
    Total current assets $306,500

    Long-term assets:
    Land $130,000
    Buildings 418,500
    Total long-term assets 548,500
    Total assets $855,000

    Liabilities and Owners' Equity
    Liabilities:
    Accounts payable $62,500
    Mortgage payable 479,500
    Total liabilities $542,000
    Owners' equity 313,000*
    Total liabilities and owners' equity $855,000

    *Computations of Owners' Equity:

    Owners' equity, January 1, 2006 $210,000
    Add net income for 2006 124,750
    $334,750
    Less distribution to owners during 2006 21,750
    Owners' equity, December 31, 2006 $313,000


    This is what the instructor sent back to me.

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