Accounting and I are not friends. At all. This is my assignment (and I've attached the spreadsheet that accompanies it):

HRM732

Individual Assignment #1 (40 Marks) 15% of the overall grade for the course

Ron Abrams has come into your office for his weekly 1 on 1 in which you update him on your weekly progress on your projects. He has arrived with a stack of paperwork in his hands and a befuddled look on his face. You ask whats going on and he responds as follows. Last year, as you know, we purchased a bankrupt, closed down bottling facility in The Ukraine. I dont know if you know this but in countries other than Canada they are using somewhat different accounting policies than we do, and the reports I have for the first few months of operations for that location look nothing like anything I have seen before. Im aware that the company made no money this month as its had no sales or operations, but I cannot understand our capital position. Im leaving you with a new project. I know youve been learning accounting so I want you to take the opening information for the business from the date of purchase and come up with the balance sheet as it should appear to me as a Canadian Reader. You are somewhat puzzled with this new challenge, yet flattered at the same time, and agree to take it on.

Given:

The newly purchased firm was bought on November 1. At inception the balance sheet accounts of the firm were as follows:

Account Name	$		Account Name	$
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 (17 marks)

2- Final Balance Sheet (23 Marks)

Week 5 Individual Assignment Problem Tips and Tricks: The assignment question asks you to do one thing - create a balance sheet. However, before you can do that one thing, there are a few extra steps you need to do to get there. With this spreadsheet, I am trying to help you to lay it all out in order so that you can work your way through the material to eventually get to the balance sheet. 1. The very first thing that I suggest is putting all of your balances into a trial balance. Make sure that you have properly identified which accounts are debits and which are credits. If you start out balanced, you have a better chance of ending up balanced! (see Opening balances sheet) 2. Once your opening trial balance balances, your next step is to set up all of your t-accounts with their opening balances. Remember: debits on the left, credits on the right! (see t-accounts sheet) 3. You are now ready to record the transactions from the question into your general journal. Please see my notes on the journal entry sheet for the kind of formatting that is required. See your textbook for examples. 4. After you have completed your journal entries, transfer each debit and credit recorded in your general journal to the t-accounts. 5. Once you have completely transferred every entry from your general journal to the t-accounts, transfer the ending t-account balances to a new trial balance. If you did everything correctly, debits should equal credits! 6. Once this new trial balance balances, you are ready to prepare your balance sheet. ng balances sheet) counts with their Marking Scheme: Opening trial balance Journal Entries 2 18 T-accounts/posting 10 Final Trial Balance Balance Sheet 3 7 40 0 Grade out of 15%: 0% - Ukraine Bottling Company Opening balances November 1, 20X1 Account Name Accounts Payable Accounts Receivable Land Building $ 85,000 67,000 490,000 320,000 Account Name Bonds Payable (>1 year) Share Capital Furniture and Fixtures Wages Payable $ 45,000 936,200 15,000 55,000 Equipment Cash Notes Payable 175,000 2,200 60,000 Bottle Processing Patent Fee's Payable Taxes Payable Bottle Inventory 25,000 58,000 195,000 Ukraine Bottling Company Trial Balance November 1, 20X1 Accounts Payable Accounts Receivable Land Building Equipment Bottle Processing Patent Fee's Payable Cash Notes Payable Bonds Payable (>1 year) Share Capital Furniture and Fixtures Wages Payable Taxes Payable Bottle Inventory Total Debit 85,000 Credit 67,000 490,000 320,000 175,000 25,000 2,200 60,000 45,000 936,200 15,000 55,000 58,000 1,264,200 195,000 1,264,200 Once you have this trial balance in balance, you are ready to move on to setting up your t-accounts. T-accounts Cash bal - 100 2,200 2,200 Accounts Receivable 101 67,000 16,000 bal Furniture & Fixtures - 103 83,000 bal Equipment 104 15,000 bal - 15,000 bal bal - 106 490,000 490,000 - 175,000 202 - 60,000 bal Accounts Payable 85,000 bal Notes Payable 60,000 Building 175,000 bal Land Bottle Inventory 200 - 85,000 Bonds Payable 45,000 bal Wages Payable bal 203 - 45,000 Patents Fees Payable bal Taxes Payable 58,000 bal - 205 58,000 Bank Loan Payable bal 206 - Share Capital bal Bottle Inventory 102 195,000 1. Record all of your opening balances in these t-accounts. Be careful to get your debits on the left and credits on the right. 2. After you have completed your journal entries, transfer each debit and credit to the t-accounts. As you transfer each number, record the account number from the t-account in This is a control to ensure that each number is transferred once and only once. Be careful to get your debits on the left and credits on the right. - As you enter amounts into your t-accounts, reference back to your journal entry by recording the transaction number in the adjacent column 195,000 Building 3. Once you have completely transferred every entry from your general journal to these t-accounts. Transfer the ending balances to a new trial balance. If you did everything correctly, debits should equal credits! 105 320,000 - 320,000 Wages Payable 55,000 - 201 55,000 Patents Fees Payable 25,000 - 204 25,000 Share Capital 936,200 300 - 936,200 on the right. transfer each umber from the t-account into your general journal. sferred once and only once. on the right. nce back to your in the adjacent column try from your general alances to a new s should equal credits! Date General Journal Account Titles and Explanation PR Page Debit 1 Credit A couple of formatting issues that we accountants tend to get our shirts in a knot about: Date: Every entry needs a date. However, we don't like to repeat the date each time. See your textbooks for examples. Year is recorded once at the top of the page and the month only when it changes Order: The debit entry(ies) is always listed first Formatting No dollar signs on the figures. Indent: the credit entries are always slightly indented from the debits. (On this spreadsheet, list your debits in column C, credits in column D Other: Every entry requires a one line explanation after it. Please leave a blank line between entries to make it easier to read PR: Posting Reference. This column is left blank until you post (transfer) your entry to your t-accounts. Once you have recorded the transfer, you write the account number in this column. Account Names: Balancing: You may only use account names from your trial balance. Don't make things up For every journal entry, your debits must equal your credits. No onesided entries allowed! Tips and Tricks: In the place of a transaction date (which was not provided in the question), number your transactions 1 through 9 3. Equipment: $100 of the $175,000 in equipment was paid upon receipt. The balance will be paid later. Assume a formal Note was signed for the purchase. 6. When shares are "retired" we trade them in exchange for something. In case, the shareholders gave us their shares and we gave them a bond (which we will pay out in 2025) 7. The wording is convoluted, but all we did was pay what we owed on the Patent Fees. 8. The old bottles were in inventory. 9. You will need a new account for the bank loan: Bank Loan Payable. Ukraine Bottling Company Trial Balance November 30, 20X1 Debit Cash Accounts Receivable Bottle Inventory Equipment Furniture and Fixtures Building Land Accounts Payable Wages Payable Notes Payable Bottle Processing Patent Fee's Payable Taxes Payable Bank Loan Payable Bonds Payable (>1 year) Share Capital Total Credit - - Transfer the balances from your t-accounts to your trial balance. Be careful to place your debit and credit balances in the correct columns. Once your debits = your credits, you are finally ready to pull together your balance sheet. Ukraine Bottling Company Balance Sheet correct date and format here Use your textbook as a guide fo of the balance sheet. Please pay particular attention dollar signs - but only where th The easiest way to format your format then choose either the To get an underline, place your To get a double underline, click Use your textbook as a guide for correct formatting of the balance sheet. Please pay particular attention to formatting your numbers - I need to see dollar signs - but only where they belong - not on every number. The easiest way to format your numbers is to click on the cell you need to format then choose either the dollar sign icon or the ',' icon here To get an underline, place your cursor where you want the underline, then click on this formatting box. To get a double underline, click on the down arrow beside the formatting box and choose double underline