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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

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 Accounts payable 3,700
Land Total liabilities
Automobile
Less: Accumulated Depreciation Stockholders Equity
Common stock 4,500
Retained earnings
Total stockholders equity
Total assets Total liabilities and stockholders equity

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