A partially completed balance sheet for Blue Co., Inc., as ofOctober 31, 2016, follows. Where amounts are shown for variousitems, the amounts are correct.
Required:
Using the following data, complete the balance sheet.
Blue Co.’s records show that current and former customers owethe firm a total of $4,400; $640 of this amount has been due formore than a year from two customers who are now bankrupt.
The automobile, which is still being used in the business, cost$17,700 new; a used car dealer’s Blue Book shows that it is nowworth $10,000. Management estimates that the car has been used forone-third of its total potential use. (The car is being depreciatedusing the straight-line method.)
The land cost Blue Co. $12,000; it was recently assessed forreal estate tax purposes at a value of $16,000 .
Blue Co.’s president isn’t sure of the amount of the notepayable, but he does know that he signed a note.
Since Blue Co. was formed, net income has totaled $32,000, anddividends to stockholders have totaled $20,250.
Assests
Liabilities & SE
Cash
700
Note payable
$???
Accounts Recievable
3760
Accounts payable
3550
Land
12000
Total liabilities
$???
Automoblie
$???
Less: Accumulated depreciation
???
SE
???
Common Stock
4500
Retained earnings
11750
Total SE
16250
Total assests
$???
Total liablitities & SE
$???
Asked Jan. 06, 2017
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