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A partially completed balance sheet for Blue Co., Inc., as of October 31, 2013, follows. Where...

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 $4,400; $650 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. $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 $21,250. Loading...

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Expert Solution

The question is incomplete.

Yet, i can help with the positions where the given information has to be posted.

1. $650 of this amount has been due for more than a year from two customers who are now bankrupt- This is Bad Debts which cannot be recovered. the provision, if any created for bad debts has to be posted on the Debit side of Profit and Loss A/c. The bad debts as such should be deducted from debtors in the assets side of the balance sheet.

2. current and former customers owe the firm a total of $4,400- This will be posted on the Liabilities side of balance sheet as Bills Receivable.

3. Automobile estimated to be of worth $10,000- on the Assets side of Balance sheet. Depreciation on automobile has to be deducted from the value of automobile.

4. Land- on the assets side of Balance sheet with the value estimated i.e $15,000.

5. Net income- $33,000- on the Debit side of the Profit and Loss a/c and Liablities side of Balance sheet

6. Dividends paid $21,250- on the debit side of Profit and Loss a/c.

ekkarill92 answered 11 hours ago
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