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, 2017 year-end financial statements:

1 Prepare an income statement for the year ended June 30, 2017.

2 prepare a statement for changes in equity for the year ended June 30, 2017

3 prepare a statement for a financial position as of June 30, 2017.
 

Accumulated depreciation - buildings $12,000 Travel expense $6,000 Wages expense 35,000 Retained earnings (July 1, 2016) 34,900 Equipment 7,000 Accumulated depreciation - equipment 1,500 Supplies Supplies expense Interest expense Common shares (July 1, 2016) Mortgage payable Accounts recelvable 00 3,500 Depreciation expense 2,500 3,000 Consulting revenue 88,000 100 Buldings 125,000 60,000 Cash 3,000 1,000 Dividends 6,000 Notes payable 5,000 Income tax expense 11,000 Accounts payable 2,000 Notes: