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A partially completed balance sheet for Blue Company Incorporated 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 Company's records show that current and former customers owe the firm a total of $4,200; $670 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 $16,200 new; similar used equipment is now worth $10,000. Management estimates that the equipment has been used for one-fourth of its total potential use. c. The land cost Blue Company $15,000; it was recently assessed for real estate tax purposes at a value of $19,000. d. Blue Company's president isn't sure of the amount of the note payable, but he does know that he signed a note. e. Since Blue Company was formed, net income has totaled $30,000, and dividends to stockholders have totaled $19,750. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Cash Accounts receivable Land Equipment Less: Accumulated depreciation Total assets BLUE COMPANY INCORPORATED Balance Sheet October 31, 2022 $ 14,050 X Answer is not complete. (4,050)✓ $ 850 3,530 19,000 X Liabilities and Stockholders' Equity Note payable Accounts payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity $ 33,380 Total liabilities and stockholders' equity $ 13,830 x 3,600 $ 17,430 x 5,700 10,250✔ 15,950 $33,380 X

A partially completed balance sheet for Blue Company Incorporated 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 Company's records show that current and former customers owe the firm a total of $4,200; $670 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 $16,200 new; similar used equipment is now worth $10,000. Management estimates that the equipment has been used for one-fourth of its total potential use. c. The land cost Blue Company $15,000; it was recently assessed for real estate tax purposes at a value of $19,000. d. Blue Company's president isn't sure of the amount of the note payable, but he does know that he signed a note. e. Since Blue Company was formed, net income has totaled $30,000, and dividends to stockholders have totaled $19,750. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Cash Accounts receivable Land Equipment Less: Accumulated depreciation Total assets BLUE COMPANY INCORPORATED Balance Sheet October 31, 2022 $ 14,050 X Answer is not complete. (4,050)✓ $ 850 3,530 19,000 X Liabilities and Stockholders' Equity Note payable Accounts payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity $ 33,380 Total liabilities and stockholders' equity $ 13,830 x 3,600 $ 17,430 x 5,700 10,250✔ 15,950 $33,380 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A partially completed balance sheet for Blue Company Incorporated 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 Company's records show that current and former customers owe the firm a total of $4,200; $670 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 $16,200 new; similar used equipment is now worth $10,000. Management estimates that the equipment has been used for one-fourth of its total potential use. c. The land cost Blue Company $15,000; it was recently assessed for real estate tax purposes at a value of $19,000. d. Blue Company's president isn't sure of the amount of the note payable, but he does know that he signed a note. e. Since Blue Company was formed, net income has totaled $30,000, and dividends to stockholders have totaled $19,750. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Cash Accounts receivable Land Equipment Less: Accumulated depreciation Total assets Answer is not complete. BLUE COMPANY INCORPORATED Balance Sheet October 31, 2022 $ 14,050 x (4,050) $ 850 3,530 19,000 X Liabilities and Stockholders' Equity Note payable Accounts payable Total liabilities Stockholders' Equity $ 13,830 3,600 $ 17,430 X Common stock 5,700 Retained earnings 10,250 Total stockholders' equity 15,950 $33,380 Total liabilities and stockholders' equity $ 33,380 X
Transcribed Image Text:A partially completed balance sheet for Blue Company Incorporated 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 Company's records show that current and former customers owe the firm a total of $4,200; $670 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 $16,200 new; similar used equipment is now worth $10,000. Management estimates that the equipment has been used for one-fourth of its total potential use. c. The land cost Blue Company $15,000; it was recently assessed for real estate tax purposes at a value of $19,000. d. Blue Company's president isn't sure of the amount of the note payable, but he does know that he signed a note. e. Since Blue Company was formed, net income has totaled $30,000, and dividends to stockholders have totaled $19,750. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Assets Cash Accounts receivable Land Equipment Less: Accumulated depreciation Total assets Answer is not complete. BLUE COMPANY INCORPORATED Balance Sheet October 31, 2022 $ 14,050 x (4,050) $ 850 3,530 19,000 X Liabilities and Stockholders' Equity Note payable Accounts payable Total liabilities Stockholders' Equity $ 13,830 3,600 $ 17,430 X Common stock 5,700 Retained earnings 10,250 Total stockholders' equity 15,950 $33,380 Total liabilities and stockholders' equity $ 33,380 X
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