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Please show me how you calculated work... A partially completed balance sheet for Blue Co.. Inc.. as of October 31, 2013, follows. Where amounts are
Please show me how you calculated work...
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. Blue Co's records show that current and former customers owe the firm a total of dollar 4,100; dollar 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 dollar 16,503 new; a used car dealer's Blue Book shows that it is now worth dollar 10,000. Management estimates that the car has been used for one-third of its total potential use. The land cost Blue Co. dollar 12,000; it was recently assessed for real estate tax purposes at a value of dollar 16,000. 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 dollar 31,000, and dividends to stockholders have totaled dollar 22,000. Answer is complete but not entirely correctStep by Step Solution
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