More Complex Financial Statements Ragequit PC Repair specializes in computer equipment repair following incidents of gamer rage.
Question:
More Complex Financial Statements Ragequit PC Repair specializes in computer equipment repair following incidents of "gamer rage". After losing online games some gamers enter a fit of irrational rage, and break gaming controllers, monitors, notebook computers, mice, keyboards and televisions. This rage has been lucrative for the Ragequit PC Repair. The following account balances relate to the company's November 30, 2024 year-end financial statements:
Notes:
• There were no common shares issued or repurchased during the year.
• The current portion of the bank loan payable was $600.
Required:
a.) Prepare an income statement for the year ended November 30, 2024.
b.) Prepare a statement of changes in equity for the year ended November 30, 2024.
c.) Prepare a balance sheet as at November 30, 2024.
d.) Based on your financial statements, compute:
i. The current ratio
ii. The debt ratio
iii. The equity ratio
Corporate Finance
ISBN: 978-0077861759
10th edition
Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe