Complete the balance sheet A partially completed balance sheet for Blue Co., Inc., as of January 31, 2009, follows. Where amounts are shown for various items, the amounts are correct.

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 $4,000; $600 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 $18,000 new; a used car dealer’s Blue Book shows that it is now worth $10,000. Management estimates that the car has been used for one-third of its total potential use.

c. The land cost Blue Co. $11,000; it was recently assessed for real estate tax purposes at a value of $15,000.

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 $33,000, and dividends to stockholders have totaled $19,500.

Transcribed Image Text:

Assets Cash.. Accounts receivable. Land.... Automobile... Less: Accumulated depreciation... Total assets.. Liabilities and Owners' Equity $ 700 Note payable... Accounts payable .... Total liabilities $ 3,400 Owners' equity Common stock.......... $ 8,000 Retained earnings..... Total owners' equity... $ Total liabilities + owners' equity $