Small College was founded in 1977 to offer paroled offenders’ basic job skill training. The Ministry of Education and Training requires the board of directors for Small College to issue general purpose financial statements. Small College applies the CICA PSA Handbook and does not refer to Sections PS 4200 to PS 4270 as a source of GAAP.
The following summarizes information drawn from the general ledger of Small College for the year ending March 31, 2013. Small College did not issue any debenture debt and had no disposals of capital assets during the year.
Required
Prepare the statement of financial position, statement of operations, and statement of changes in net debt for Small College for the year ended March 31, 2013.