More Complex Financial Statements Industrial Relations Ltd. offers mediation services for unionized companies. When there is a
Question:
More Complex Financial Statements Industrial Relations Ltd. offers mediation services for unionized companies. When there is a contract dispute between a union and company management, often the two sides require an outside consultant to assist in the negotiations - Industrial Relations Ltd. fills this role. The following account balances relate to the company's June 30, 2024 year-end financial statements:
Notes:
• There were no common shares issued or repurchased during the year.
• The current portion of the mortgage payable was $8,000.
Required:
a.) Prepare an income statement for the year ended June 30, 2024.
b.) Prepare a statement of changes in equity for the year ended June 30, 2024
c.) Prepare a balance sheet as at June 30, 2024
d.) Based on your financial statements, compute:
i. The current ratio
ii. The debt ratio
iii. The equity ratio
Leadership Theory Application and Skill Development
ISBN: 978-1285866352
6th edition
Authors: Robert N. Lussier, Christopher F. Achua