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 what's going on and he responds as follows. "Last year, as you know, we purchased a bankrupt, closed down bottling facility in The Ukraine. I don't 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. I'm aware that the company made no money this month as it's had no sales or operations, but I cannot understand our capital position. I'm leaving you with a new project. I know you've 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:

A	Accounts receivable were collected in the amount of:	$19,100
B	Wages due were paid out of cash in the amount of:	$18,100
C	Equipment was purchased on credit for the amount of	$178,100
	This amount was due on delivery and was paid in cash:	$3,200
D	Land appraised for this amount:			$560,000
E	A stakeholder, Bruce Wayne, provided the co with
	equipment and in return received in shares for this amount:	$68,100
F	Shares were retired for Bonds Payable for this amount:	$303,100
	The bonds payable are due Dec. 15, 2025
G	Bottle processing patent fees for this amount		$25,000
	were completely paid out on credit
H	Old bottles for this amount were returned to the former	$178,100
	supplier for their cash value
I	A bank loan was taken out for this amount:		$68,100
	The amount was kept in cash over the end of the month

Required: See next page

1. Create the T-Accounts to capture the transactions above that occurred in November.
2. Create a Balance Sheet for November 30th assuming no other transactions occurred for the month other than those noted above.

You are graded on the following only:

1-Conversion to Canadian Balance Sheet and T-Accounts (17 marks)

2- Final Balance Sheet (23 Marks)