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Question 2 [50 points]

Global Filter Corp. began operations 2 years ago. Its adjusted account balances at March 31, 2014 are shown below. Global Filter Corp. issued shares worth $3,000 during March, 2014. Use this information to prepare the following:

1. Income statement for the month ended March 31.
2. Statement of changes in equity for the month ended March 31.
3. Classified balance sheet at March 31.

(select one) Income Statement (select one) X X X X X Account Accounts payable Accounts receivable Accumulated depreciation, building Accumulated depreciation, trucks. Advertising expense Advertising payable Building Cash Commissions earned Consulting revenue earned Depreciation expense, building. Depreciation expense, trucks. Dividends Interest earned Interest expense Land Long-term notes payable Long-term investment in shares Mortgage Payable (due July, 2022) Prepaid interest Rent expense Rent payable Retained earnings Share capital Trademark Trucks Unearned consulting revenue Balance 7,350 5,550 7,570 2,940 9,830 4,970 28,550 2,840 10,110 13,350 1,790 1,730 1,720 3,720 3,820 13,950 19,030 12,480 23,300 620 9,320 10,010 7,170 10,670 7,930 24,000 3,940 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity | XXX (select one) Balance Sheet (select one) X + X + + + X + + X + + +

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