Presented in alphabetical order, the following data are from the accounting records of Stinson Corporation, a public company, at April 30, 2021:

Accounts payable ................................................... $ 65,000
Accounts receivable .................................................. 48,000
Accumulated depreciation—equipment ................ 72,000
Accumulated other comprehensive income .......... 18,000
Bonds payable, due 2025 ....................................... 150,000
Cash ........................................................................... 100,480
Common shares (no par value, unlimited 

authorized, 200,000 issued) ................................... 300,000
Depreciation expense ............................................... 27,500
Dividend revenue ...................................................... 11,000
Equipment ................................................................ 275,000
Income tax expense .................................................. 82,860
Income tax payable ................................................... 25,000
Interest expense .......................................................... 7,500
Interest receivable ...................................................... 1,680
Interest revenue .......................................................... 3,360
Investment in associate ......................................... 170,000
Investment income or (loss) ...................................... 3,000
Investments at amortized cost, bonds due 2023 ... 24,000
Investments at FVTOCI—equity ............................. 220,000
Investments at FVTPL—bonds ................................. 61,000
Investments at FVTPL—equity ................................. 15,000
OCI—holding gain or (loss), net of $3,600 tax ....... (12,000)
Rent expense ............................................................. 79,000
Retained earnings ................................................... 161,660
Salaries expense ..................................................... 235,000
Service revenue ....................................................... 550,000

Instructions

Prepare a statement of comprehensive income and balance sheet at April 30, 2021.

Taking It Further

Calculate return on equity for Stinson Corporation on April 30, 2021. Total shareholders’ equity on April 30, 2020, was $510,400. Comment on Stinson’s operating performance assuming that the industry average return on equity is 18%.