A partially completed balance sheet for Blue Company Incorporated as of October is presented. Where amounts are shown for various items, the amounts are correct.
Required:
Using the following data, complete the balance sheet.
Blue Company's records show that current and former customers owe the firm a total of $; $ of this amount has been due for more than a year from two customers who are now bankrupt.
The equipment, which is still being used in the business, cost $ new; similar used equipment is now worth $ Management estimates that the equipment has been used for onefourth of its total potential use.
The land cost Blue Company $; it was recently assessed for real estate tax purposes at a value of $
Blue Company's president isn't sure of the amount of the note payable, but he does know that he signed a note.
Since Blue Company was formed, net income has totaled $ and dividends to stockholders have totaled $
