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Hrm732 Asgn1

In: Business and Management

Submitted By Akubikuma
Words 894
Pages 4
HRM 732

Intro to Financial and Management Accounting

Individual Assignment 1

Prepared by: Janice Ho

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 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

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