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.
