Complete Questions correctly show the calculation for correct answers 1 POPLAR LTD. A 2 Start-up Balance Sheets
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Complete Questions correctly show the calculation for correct answers
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1 POPLAR LTD. A 2 Start-up Balance Sheets 3 4 5 Assets 6 Current assets. 7 Cash 8 Accounts receivable 9 Inventory 10 Prepaid expenses 11 12 13 Property, plant and equipment 14 Land 15 Buildings 16 Equipment 17 Vehicles 18 19 Less: Accumulated amortization 20 Accumulated amortization - Buildings 21 Accumulated amortization Equipment 22 Accumulated amortization - Vehicles 23 24 25 25 26 Goodwill and other intangibles 27 28 29 Owner: Margaret Lentil B CanGrow (proprietorship) $ $ 2023 1,450,000 945,000 85,000 2,575,000 95,000 $ 700,000 240,000 135,000 75,000 1,150,000 (60,000) (30,000) (90,000) (180,000) 970,000 C 3,545,000 Partners: Helen Grass (45%) + Candace Pot (55%) D $ Bluebis (partnership) 2023 Big Yield Inc. January 31 2023 I 700,000 650,000 600,000 220,000 2,170,000 E 125,000 $ 1,400,000 1,350,000 100,000 2,975,000 (145,000) (90,000) (120,000) (355,000) 1,815,000 4,790,000 F Shareholder: Charles Green 2023 675,000 495,000 120,000 100,000 1,390,000 (100,000) (195,000) G (40,000) (335,000) 1,055,000 H 65,000 $ 285,000 1,025,000 $ 3,875,000 985,000 $ 3,280,000 55,000 $ 2,130,000 240,000 7,680,000 Combined As Is 2,075,000 1,385,000 855,000 395,000 4,710.000 (305,000) (315,000) (250,000) (870,000) 3,840,000 $ 3,185,000 $ 11,520,000 I J Revaluation February 1 Adjustments $ 4,185,000 3,057,000 7,242,000 2,200,000 2,450,000 975,000 380,000 6,005,000 305,000 315,000 250,000 870,000 6,875,000 420,000 $ 14,537,000 K L Balance Sheet Opening POPLAR LTD. February 1 Opening $ 285,000 8,060,000 6,337,000 240,000 14,922,000 4,275,000 3,835,000 1,830,000 775,000 10,715,000 10,715,000 420,000 $ 26,057,000 M As Is Combined + Corporate Tax Effect N First Year Feb 1 2023-Jan 31 2024 $ $ Operations 335,860.25 (160,267) (67,873) (564,000) (564,000) O P Operational Changes Including Corporate Tax Adjustments (564,000) $ 2023-2024 5,056,250 2,588,800 7,645,050 255,000 255,000 (490,094) (233,865) (99,041) (823,000) (568,000) 7,077,050 Q Forecast Results $ R $ POPLAR LTD. Jan 31 2024 285,000 Balancing Figure 13,116,250 8,925,800 240,000 22,567,050 4,275,000 3,835,000 2,085,000 775,000 10,970,000 (825,954) (394,132) (166,914) (1,387,001) 9,582,999 420,000 S 32,570,049 1 POPLAR LTD. A 2 Start-up Balance Sheets 3 4 5 Assets 6 Current assets. 7 Cash 8 Accounts receivable 9 Inventory 10 Prepaid expenses 11 12 13 Property, plant and equipment 14 Land 15 Buildings 16 Equipment 17 Vehicles 18 19 Less: Accumulated amortization 20 Accumulated amortization - Buildings 21 Accumulated amortization Equipment 22 Accumulated amortization - Vehicles 23 24 25 25 26 Goodwill and other intangibles 27 28 29 Owner: Margaret Lentil B CanGrow (proprietorship) $ $ 2023 1,450,000 945,000 85,000 2,575,000 95,000 $ 700,000 240,000 135,000 75,000 1,150,000 (60,000) (30,000) (90,000) (180,000) 970,000 C 3,545,000 Partners: Helen Grass (45%) + Candace Pot (55%) D $ Bluebis (partnership) 2023 Big Yield Inc. January 31 2023 I 700,000 650,000 600,000 220,000 2,170,000 E 125,000 $ 1,400,000 1,350,000 100,000 2,975,000 (145,000) (90,000) (120,000) (355,000) 1,815,000 4,790,000 F Shareholder: Charles Green 2023 675,000 495,000 120,000 100,000 1,390,000 (100,000) (195,000) G (40,000) (335,000) 1,055,000 H 65,000 $ 285,000 1,025,000 $ 3,875,000 985,000 $ 3,280,000 55,000 $ 2,130,000 240,000 7,680,000 Combined As Is 2,075,000 1,385,000 855,000 395,000 4,710.000 (305,000) (315,000) (250,000) (870,000) 3,840,000 $ 3,185,000 $ 11,520,000 I J Revaluation February 1 Adjustments $ 4,185,000 3,057,000 7,242,000 2,200,000 2,450,000 975,000 380,000 6,005,000 305,000 315,000 250,000 870,000 6,875,000 420,000 $ 14,537,000 K L Balance Sheet Opening POPLAR LTD. February 1 Opening $ 285,000 8,060,000 6,337,000 240,000 14,922,000 4,275,000 3,835,000 1,830,000 775,000 10,715,000 10,715,000 420,000 $ 26,057,000 M As Is Combined + Corporate Tax Effect N First Year Feb 1 2023-Jan 31 2024 $ $ Operations 335,860.25 (160,267) (67,873) (564,000) (564,000) O P Operational Changes Including Corporate Tax Adjustments (564,000) $ 2023-2024 5,056,250 2,588,800 7,645,050 255,000 255,000 (490,094) (233,865) (99,041) (823,000) (568,000) 7,077,050 Q Forecast Results $ R $ POPLAR LTD. Jan 31 2024 285,000 Balancing Figure 13,116,250 8,925,800 240,000 22,567,050 4,275,000 3,835,000 2,085,000 775,000 10,970,000 (825,954) (394,132) (166,914) (1,387,001) 9,582,999 420,000 S 32,570,049
Expert Answer:
Answer rating: 100% (QA)
Here are the adjustments to reflect the 20232024 operations and forecasts Revenues will increase by 9300000 Incremental revenues of 9300000 added to r... View the full answer
Related Book For
Managerial Accounting
ISBN: 9781260247787
17th Edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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