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a. Blue Co.'s records show that current and former customers owe the firm a total of $4,260; $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 $15,900 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 $19,750. (Enter decreases with a minus sign to indicate a negative financial statement effect.) BLUE CO. INC. Balance Sheet October 31, 2019 Assets Liabilities and Stockholders' Equity Cash $ 850 Note payable Accounts receivable Accounts payable 3,650 Land Total liabilities Automobile Less: Accumulated depreciation Stockholders' Equity Common stock 4,800 Retained earnings Total stockholders' equity Total assets Total liabilities and stockholders' equity Prey 9 Next >