Question

Credit STURGE TECHNOLOGY SERVICES LTD. Statement of Changes in Equity Year Ended August 31, 2021 Common Shares Retained Earnings $ Total EqL < $ STURGE TECHNOLOGY SERVICES LTD. Adjusted Trial Balance August 31, 2021 Debit Cash $11.430 Accounts receivable 18,350 Supplies 3,300 Prepaid insurance 3.700 Equipment 27.100 Accumulated depreciation equipment Accounts payable Selaries payable Interest payable Rent payable Income tax payable Deferred revenue Bank loan payable, 2024 Common shares Retained earnings Dividends declared 400 Service revenue Salaries expense 19.200 Rent expense 12.785 Depreciation expense 2,335 Supplies expense 1.890 Interest expense 1.680 Insurance expense 1.280 Income tax expense 2.080 Total $105.530 $5.905 2.850 2.400 1,680 1,500 1,500 500 23,400 5.000 5,500 > 55.295 $ $ $105,530 During the year, the company issued common shares for $1,300.

Answer 1

Answer

   Sturge Technology Services Ltd

Statement of changes in Equity

   For the Year Ended 31st August, 2021

	Common shares	Retained earnings	Total equity
Beginning balance	5,000	5,500	10,500
Add common shares issued	1,300		1,300
Add Net income		14,045	14,045
Less dividend		(400)	(400)
Ending balance	6,300	19,145	25,445

Supporting calculations

Sturge Technology services Ltd

   Income statement

Year Ended August 31st, 2021

Particulars	$	$
Service revenue		55,295
Less Expenses:
Income tax expense	2,080
Insurance expense	1,280
Interest expense	1,680
Rent expense	12,785
Supplies expense	1,890
Depreciation expense	2,335
Salaries expense	19,200
Total expenses		41,250
Net income		14,045

Total expenses is $41,250 , total revenue is 55,295 and net income is $14,045.

The above are the detailed presentations of statement of shareholder's equity of Struge technology Ltd and its supporting calculation of income statement.

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