Reference no: EM132378566
Question
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.
Blue Co.'s records show that current and former customers owe the firm a total of $4,200; $680 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 $15,900 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.)
The land cost Blue Co. $15,000; it was recently assessed for real estate tax purposes at a value of $19,000 .
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 $22,000.
(Enter decreases with a minus sign to indicate a negative financial statement effect.)
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