Obtain the 2020 annual report for the Royal Bank of Canada from the companys website or from SEDAR (sedar.com). Note that financial reporting for Canadian banks is also constrained by the Bank Act and monitored by the Office of the Superintendent of Financial Institutions. Instructions

a)Revenues and expenses arise primarily from ordinary business activities. What are the banks ordinary (core) business activities? What normal expenses must the bank incur to generate core revenues? b) How are the core business activities and other income and expenses reflected in the banks statement of income? c) Calculate the percentage of the various revenue and income streams to total revenue and income. Discuss the trends from year to year. In other words, are these revenue and income streams increasing as a percentage of the total revenue and income or decreasing? What are the main sources of the revenue and income? Calculate their current ratio, debt to equity ration and gross profit ratio. d) Describe the types of transactions that are included in the statement of changes in equity.