1-4A - 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: Accumulated depreciation buildings Wages expense Equipment Supplies Depreciation expense Consulting revenue Buildings Cash Dividends Income tax expense $12,000 35,000 7,000 500 2,500 88.000 125,000 3,000 6,000 11,000 Travel expense Retained earnings (July 1, 2023) Accumulated depreciation equipment Supplies expense Interest expense Common shares (July 1, 2023) Mortgage payable Accounts receivable Notes payable Accounts payable $6,000 34,900 1,500 3,500 3,000 100 60,000 1,000 5.000 2,000 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 iiThe debt ratio iii. The equity ratio 1-4B - 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: 200 4,000 250 55,000 700 400 50 Bank loan payable Interest expense Dividends Common shares (Dec 1, 2023) Wages expense Supplies Supplies expense Tools and Equipment Retained earnings (Dec 1, 2023) 38,000 1,200 5,000 6,000 500 Income tax expense Repair revenue Accounts payable Rent expense Accounts receivable Accumulated depreciation - tools and equipment Cash Notes payable Depreciation expense 8,500 100 1,500 900 800 1,400 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 *Like when your opponent (who had unbelievable RNG luck the whole game) top-decks the exact card he needed to beat you, even though you outplayed him, and are clearly smarter and better than him. Ridiculous. Hearthstone is for babies