Drinkwater Inc. reported the following information: Other information: 1. No shares were issued during the years ended

Question:

Drinkwater Inc. reported the following information:

Other information:
1. No shares were issued during the years ended March 31, 2014 and 2013.
2. No dividends were declared or paid during the years ended March 31, 2014 and 2013.
3. The market values per common share at March 31, 2014, and March 31, 2013, were $29 and $25 respectively.
4. Industry averages for 2014 were as provided in the chart on the following page.

Required
1. Using the information provided for Drinkwater Inc., prepare a comparative, single-step income statement and statement of changes in equity for the years ended March 31, 2014 and 2013, as well as a comparative classified balance sheet at March 31, 2014 and 2013.
2. Complete the chart below for Drinkwater Inc. (round all ratios to two decimalplaces):

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...