Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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 $4,500; $650 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 $17,700 new; a used car dealer's Blue Book shows that it is now worth $10,000. Management estimates that c. The land cost Blue Co. $14,000; it was recently assessed for real estate tax purposes d. Blue Co's president isn't sure of the amount of the note payable, but he does know e. Since Blue Co. was formed, net income has totaled $33,000, and dividends to the car has been used for one-third of its total potential use at a value of $18,000 that he signed a note stockholders have totaled $20,000 Blue Co., Inc. Balance Sheet October 31, 2013 Assets Liabilities and Stockholders' Equity Cash $ 800 Note payable unts receivable 3,650 3,850 Accounts payable 14,000 Total liabilities Land Automobile Less: Accumulated Depreciation Stockholders' Equity Common stock 5,200 Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Total assets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Identify the limits of our short-term memory.

Answered: 1 week ago