A partially completed balance sheet for Blue Co. Inc. as of October 31, 2022, is presented. 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 $60,000; $9,000 of this amount has been due for more than a year from two customers who are now bankrupt.
b. The equipment, which is still being used in the business, cost $160,000 new; similar used equipment is now worth $130,000. Management estimates that the equipment has been used for one-fourth of its total potential use.
c. The land cost Blue Co. $75,000; it was recently assessed for real estate tax purposes at a value of $119,000.
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 $330,000, and dividends to stockholders have totaled $195,000.

Transcribed Image Text:

Cash.. Assets $5,000 Liabilities and Stockholders' Equity Note payable.. $