Reference no: EM132462278
Problem - Given: The newly purchased firm was bought on November 1. At inception the balance sheet accounts of the firm were as follows:
Accounts Payable 85,000
Bonds Payable (Over 1 Year) 45,000
Accounts Receivable 67,000
Share Capital 936,200
Land 490,000
Furniture and Fixtures 15,000
Building 320,000
Wages Payable 55,000
Equipment 175,000
Bottle Processing Patent Fee's Payable 25,000
Cash 2,200
Taxes Payable 58,000
Notes Payable 60,000
Bottle Inventory 195,000
During the month of November the following transactions occurred:
Accounts Receivable for $16,000 was collected.
Wages due of $15,000 were paid out in cash.
$175,000 in Equipment was purchased on credit ($100 was due on delivery and was paid in cash).
Their land was appraised and found to be worth $560,000.
A stakeholder, Bruce Wayne, provided the company with equipment and in return received $65,000 in shares.
$300,000 in shares was retired for bonds payable on December 15, 2025.
Bottle Processing Patent Fees were paid completely out on Credit.
$175,000 in Old Bottles was returned to the former supplier for their cash value.
A bank loan for $65,000 was taken out. The amount was kept in cash over the end of the month.
Required - Create a Balance Sheet for November 30th assuming no other transactions occurred for the month other than those noted above.
1 - Conversion to Canadian Balance Sheet and T-Accounts.
2 - Final Balance Sheet.
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