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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 $4.400, $610 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 $17700 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 $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. .. Since Blue Co. was formed, net income has totaled $31,000, and dividends to stockholders have totaled $21,250. (Enter decreases with a minus sign to indicate a negative financial statement effect.) (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets BLUE CO. INC. Balance Sheet October 31, 2019 Liabilities and Stockholders' Equity $ 750 Note payable Accounts payable Total liabilities $ Cash Accounts receivable 3,600 Land Automobile Less: Accumulated depreciation 4.700 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Total assets
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