A partially completed balance sheet for Blue Co., Inc., as of October 31, 2016, 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 $4,500; $630 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 $15,900 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. $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 $21,000

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Blue Co., Inc.
Balance Sheet
October 31, 2016
Assets			Liabilities and Stockholders Equity
Cash		$750	Note payable
Accounts receivable			Accounts payable	3,500
Land			Total liabilities
Automobile
Less: Accumulated depreciation			Stockholders Equity
			Common stock	4,100
			Retained earnings
			Total stockholders equity
Total assets			Total liabilities and stockholders equity

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