Response to the following problem:
The following "financial statement" was prepared from the records of Laberge Sheathing Inc. for the eight-month period ended August 31, 2015.
Laberge Sheathing Inc.
Financial Statement
For the Eight Month Period Ended August 31, 2015
|
Cash
|
$ 400
|
Accounts payable
|
$ 7,800
|
|
Accounts receivable
|
3,800
|
Share capital
|
3,200
|
|
Unused supplies
|
100
|
Service revenue
|
6,000
|
|
Equipment
|
8,700
|
|
|
|
Advertizing expense
|
300
|
|
|
|
Interest expense
|
5OO
|
|
|
|
Maintenance expense
|
475
|
|
|
|
Supplies expense
|
125
|
|
|
|
Wages expense
|
2,000
|
|
|
|
Dividends
|
600
|
|
|
|
|
$17,000
|
|
$17,000
|
Required:
1. When is the corporation's likely fiscal year-end?
2. Prepare an income statement and statement of changes in equity for the eight-month period ended August 31, 2015.
3. Prepare a balance sheet at August 31.