Complete Questions correctly show the calculation for correct answers 1 POPLAR LTD. A 2 Start-up Balance Sheets

Complete Questions correctly show the calculation for correct answers

Transcribed Image Text:

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

Answer rating: 100% (QA)

Certainly The provided balance sheets detail the financial positions of various entities including C... View the full answer