After all the transactions for the year ended May 31, 2016, had been posted, the data below were taken from the records of Angelos Design Ltd. Assume all accounts have normal balances.

Instructions
a. Prepare a multiple-step income statement for the year ended May 31, 2016, including earnings per share. The weighted average number of common shares is 656,250. Preferred shareholders were paid their dividend entitlement during the year.
b. Prepare a balance sheet as at May 31, 2016.