Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Greetings. I am stuck on this Accounting question. Thank you to anyone who can help out. A partially completed balance sheet for Blue Co., Inc.,

Greetings. I am stuck on this Accounting question. Thank you to anyone who can help out.

A partially completed balance sheet for Blue Co., Inc., as of October 31, 2016, follows. Where amounts are shown for various items, the amounts are correct.

Required:

Using the following data, complete the balance sheet.

Blue Co.'s records show that current and former customers owe the firm a total of $4,100; $670 of this amount has been due for more than a year from two customers who are now bankrupt.

The automobile, which is still being used in the business, cost $15,600 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.)

The land cost Blue Co. $13,000; it was recently assessed for real estate tax purposes at a value of $17,000 .

Blue Co.'s president isn't sure of the amount of the note payable, but he does know that he signed a note.

Since Blue Co. was formed, net income has totaled $32,000, and dividends to stockholders have totaled $22,500.

image text in transcribed

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

Financial Accounting Working Papers Tools For Business Decision Making

Authors: Paul D. Kimmel ,Jerry J. Weygandt ,Donald E. Kieso

6th Edition

0470887931, 978-0470887936

More Books

Students also viewed these Accounting questions

Question

14. What are the functions of the prefrontal cortex?

Answered: 1 week ago

Question

Determine the CFP Board definition of a fiduciary.

Answered: 1 week ago