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A partially completed balance sheet for Blue Company Incorporated as of October...

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Question

Accounting

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.
Blue Company's records show that current and former customers owe the firm a total of $4,300; $680 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 $17,100 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.
The land cost Blue Company $15,000; it was recently assessed for real estate tax purposes at a value of $19,000.
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 $32,000, and dividends to stockholders have totaled $20,250.

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