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A partially completed balance sheet for Blue Co., Inc.. as of October 31. 2013. follows. Where amounts are shown for various items. the amounts are
A partially completed balance sheet for Blue Co., Inc.. as of October 31. 2013. 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 $4.100: $670 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 $16.200 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. $13,000: it was recently assessed for real estate tax purposes at a value of $17.000. 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 $34.000. and dividends to stockholders have totaled $22.600
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