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Can you please show me the steps for every calculation on the right side of the chart? A partially completed balance sheet for Blue Co.
Can you please show me the steps for every calculation on the right side of the chart?
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 $4,300; $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 $16,800 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. e. Since Blue Co. was formed, net income has totaled $34,000, and dividends to stockholders have totaled $21,000. (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 $ 900 Note payable 4,300 Accounts payable 12,000 Total liabilities Cash Accounts receivable Land Automobile Less: Accumulated depreciation $ 4,300 3,450 $ 7,750 $ 16,800 10,000 6,800 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 4,800 34,000 21,000 $ 75,300 Total assets $ 24,000Step by Step Solution
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