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A partially completed balance sheet for Blue Co. Inc. as of October 31, 2019, is presented. Where amounts are shown for various item the amounts
A partially completed balance sheet for Blue Co. Inc. as of October 31, 2019, is presented. Where amounts are shown for various item 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; $690 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. (The car is being depreciated using the straight-line method.) 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 his totaled $33,000, and dividends to stockholders have totaled $21,000. (Enter decreases with a minus sign to indicate a negative financial statement effect.) BLUE CO. INC. Balance Sheet October 31, 2019 Assets Cash Accounts receivable Land Automobile Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity $ 900 Note payable 3,410 Accounts payable 3,450 11,000 Total liabilities $ 16,200 (5,400) Stockholders' Equity 10,800 Common stock 5,600 Retained earnings 12,000 Total stockholders' equity 17,600 $ 26,110 Total liabilities and stockholders' equity $ 26,110
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