E 2-6 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 | ? |
