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 dealers 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 isnt 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.