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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 items, the amounts

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. 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. (The car is being depreciated using the straight-line method.) 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. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is complete but not entirely correct. Cash Assets Accounts receivable Land Automobile $ 90,000 Less Accumulated depreciation (40,000) x Total assets BLUE CO. INC. Balance Sheet October 31, 2019 Liabilities and Stockholders' Equity $ 3,500 Note payable 17,000 Accounts payable 55,000 Total liabilities $ 1,000 X 16,000 $ 18,000 X Stockholders' Equity 50,000 Common stock 40,000 Retained earnings 67,500 Total stockholders' equity 107,500 $ * 165,000 Total liabilities and stockholders equity $ 125,000

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