Answered Essay: Where amounts are shown for various items, the amounts are correct. Required: Using the following data, complete


A partially completed balance sheet for Blue Co. Inc., as of October 31, 2013, follows. Where amounts are shown for various items, the amounts are correct. 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, 100: $640 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 $17, 400 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. $13, 000: it was recently assessed for real estate tax purposes at a value of $17, 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 $31, 000, and dividends to stockholders have totaled $21, 250.

Expert Answer


Blue Co., Inc.
Balance Sheet
October 31, 2013
Assets Llabilities and Stockholders’ Equity
Cash $       800 Note payable 10,960
Accounts receivable        3,460 Accounts payable     3,650
Land      13,000 Total liabilities 14,610
Automobile 17,400
Less: Accumulated Depreciation    (5,800)      11,600 Stockholders’ Equity
Common stock     4,500
Retained earnings     9,750
Total stockholders equity 14,250
Total assets      28,860 Total liabilities and stockholders equity 28,860
3460 (4100-640)
13000 Historical cost
5800 one third of original
9750 (31000-21250)
10960 Bal fig
14610 28860-14250
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