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Accounting & Finance
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Orthry123
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Posted: 02 April 2007 at 10:30am | IP Logged Quote Orthry123

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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Orthry123
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Posted: 02 April 2007 at 10:34am | IP Logged Quote Orthry123

2.8 The following selected information is taken from the records of Beckstrom Corporation. the outstanding shares is

7500

Assets Liabilities OE
Accounts payable  35,000    
Accounts receivable 65,000      
Advertising expense  15,000    
Cash 19,500      
Supplies expense  46,000    
Rent expense  10,000    
Utilities expense  3,000    
Income taxes (30% of income before taxes) 268,800      
Miscellaneous expense  4,400    
Owners' equity  140,000    
Salaries expense  61,000    
Fees (revenues) 384,000    


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