Complete the balance sheet A partially completed balance sheet for Blue Co., Inc., as of January 31, 2011, follows. Where amounts are shown for various items, the amounts are correct.
Assets |
| Liabilities and Owners’ Equity |
|
Cash | $ 700 | Note payable | $ |
Accounts receivable |
| Accounts payable | 3,400 |
Land |
|
| |
Automobile |
| Total liabilities | $ |
Less: Accumulated |
| Owners’ equity | |
depreciation |
| Common stock | $ 8,000 |
|
| Retained earnings | |
|
| Total owners’ equity | $ |
Total assets | $ | Total liabilities + owners’ equity | $ |
Required:
Using the following data, complete the balance sheet.
a. Blue Co.’s records show that current and former customers owe the firm a total of $4,000; $600 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 $18,000 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.
c. The land cost Blue Co. $11,000; it was recently assessed for real estate tax purposes at a value of $15,000.
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 $33,000, and dividends to stockholders have totaled $19,500.
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