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 $4,000; $700 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 $17,100 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. $12,000; it was recently assessed for real estate tax purposes at a value of $16,000. 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 $31,000, and dividends to stockholders have totaled $20,750. Assets Blue Co., Inc. Balance Sheet October 31, 2013 Liabilities and Stockholders' Equity 950 Note payable Accounts payable Total liabilities Cash S Accounts receivable 3,700 Land UECEIS DIUE DOUK SHOWS LIICL IL IS HOW WUILII DIUUUU. IVICINGYENEIL ESILIIGLES LIQL the car has been used for one-third of its total potential use. c. The land cost Blue Co. $12,000; it was recently assessed for real estate tax purposes at a value of $16,000. 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 $31,000, and dividends to stockholders have totaled $20,750. Assets Blue Co., Inc. Balance Sheet October 31, 2013 Liabilities and Stockholders' Equity S 950 Note payable Accounts payable Total liabilities Cash Accounts receivable 3,700 Land Automobile Less: Accumulated Depreciation 5,500 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Total assets 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 $4,000; $700 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 $17,100 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. $12,000; it was recently assessed for real estate tax purposes at a value of $16,000. 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 $31,000, and dividends to stockholders have totaled $20,750. Assets Blue Co., Inc. Balance Sheet October 31, 2013 Liabilities and Stockholders' Equity 950 Note payable Accounts payable Total liabilities Cash S Accounts receivable 3,700 Land UECEIS DIUE DOUK SHOWS LIICL IL IS HOW WUILII DIUUUU. IVICINGYENEIL ESILIIGLES LIQL the car has been used for one-third of its total potential use. c. The land cost Blue Co. $12,000; it was recently assessed for real estate tax purposes at a value of $16,000. 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 $31,000, and dividends to stockholders have totaled $20,750. Assets Blue Co., Inc. Balance Sheet October 31, 2013 Liabilities and Stockholders' Equity S 950 Note payable Accounts payable Total liabilities Cash Accounts receivable 3,700 Land Automobile Less: Accumulated Depreciation 5,500 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Total assets