Question
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
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 $17,100 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. $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 $20,250.
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