Using the following data, complete the balance sheet.

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.