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Bruce Wayne Corporation was federally incorporated in Canada

Bruce Wayne Corporation was federally incorporated in Canada on November 1, 2003. At inception, the corporate accounts 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 Sulfur Processing Patent Fee's Payable 25,000
Cash 2,200 Taxes Payable 58,000
Notes Payable 60,000 Sulfur Inventory 195,000

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.
Bruce Wayne purchased $65,000 in shares for Equipment.
$300,000 in shares was retired for bonds payable on December 15, 2025.
Sulfur Processing Patent Fees were paid completely out on Credit.
Ozzy Osborne purchased $175,000 in Sulfur for an upcoming tour of North America. Due to his unreliable performance in the past, Cash was collected for the entire amount.
A bank loan for $65,000 was taken out. The amount was kept in cash over the end of the month.

Create a Balance Sheet for November 31, 2003, assuming no other transactions occurred for the month other than those noted above.

Solution Summary

The expert creates a balance sheet for November 31, 2003 for the Bruce Wayne Corporation.