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; $660 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 $16,500 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. $14,000; it was recently assessed for real estate tax purposes at a value of $18,000.

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 $20,250.

Blue Co., Inc.
Balance Sheet
October 31,2013
Assets			Liabilities and stockholders' equity
Cash		700	note payable
Accounts receivable		3340	accounts payable	3700
land		14,000	total liabilities
automobile	16500
less:accumulated depreciation	10000		Stockholders' Equity
		6500	common stock	4500
			retained earnings
			total stockholders' equity
Total Assets		24540	total liabilities and stockholders' equity