A partially completed balance sheet for Blue Co. Inc. as of October 31, 2019, is presented. Where

Question:

A partially completed balance sheet for Blue Co. Inc. as of October 31, 2019, is presented. Where amounts are shown for various items, the amounts are correct.

image

Required:

Using the following data, complete the balance sheet.

a. Blue Co.?s records show that current and former customers owe the firm a total of $20,000; $3,000 of this amount has been due for more than a year from two customers who are now bankrupt.

b. The automobile, which is still being used in the business, cost $90,000 new; a used car dealer?s Blue Book shows that it is now worth $50,000. Management estimates that the car has been used for one-third of its total potential use.

c. The land cost Blue Co. $55,000; it was recently assessed for real estate tax purposes at a value of $75,000.

d. Blue Co.?s president isn?t sure of the amount of the note payable, but he does know that he signed a note.

e. Since Blue Co. was formed, net income has totaled $165,000, and dividends to stockholders have totaled $97,500.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Accounting What the Numbers Mean

ISBN: 978-1260565492

12th edition

Authors: David Marshall, Wayne McManus, Daniel Viele

Question Posted: