HRM732-Ron Abrams has come into your office

HRM732Individual Assignment #1 (40 Marks) 15% of the overall grade for the courseRon Abrams has come into your office for his weekly 1 on 1 in which you update him on your weekly progress onyour projects. He has arrived with a stack of paperwork in his hands and a befuddled look on his face. You askwhat’s going on and he responds as follows. “Last year, as you know, we purchased a bankrupt, closed downbottling facility in The Ukraine. I don’t know if you know this but in countries other than Canada they are usingsomewhat different accounting policies than we do, and the reports I have for the first few months of operationsfor that location look nothing like anything I have seen before. I’m aware that the company made no money thismonth as it’s had no sales or operations, but I cannot understand our capital position. I’m leaving you with a newproject. I know you’ve been learning accounting so I want you to take the opening information for the businessfrom 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 asfollows:Account NameAccounts PayableAccounts ReceivableLandBuildingEquipmentCashNotes Payable $85,00067,000490,000320,000175,0002,20060,000 Account NameBonds Payable (Over 1 Year)Share CapitalFurniture and FixturesWages PayableBottle Processing Patent Fee’s PayableTaxes PayableBottle Inventory $45,000936,20015,00055,00025,00058,000195,000 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 thanthose noted above.1-Conversion to Canadian Balance Sheet and T-Accounts (17 marks)2- Final Balance Sheet (23 Marks)