Question 2 (50 points] X-cell Inc

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 Question 2 (50 points] X-cell Inc. began operations 2 years ago. Its adjusted account balances at July 31, 2014 are shown below. X-cell Inc. issued shares worth $6,500 during July, 2014. Use this information to prepare the following: a. Income statement for the month ended July 31. b. Statement of changes in equity for the month ended July 31. c. Classified balance sheet at July 31. (select one) Income Statement (select one) Account Accounts receivable. Accumulated depreciation, equipment Accumulated depreciation, trucks. Bonds Payable (due August, 2019). Cash Commissions earned Consulting revenue earned Depreciation expense, equipment Depreciation expense, trucks Dividends Equipment Interest expense Land Long-term investment in shares Balance 10,300 850 3,260 5,850 4,180 6,010 4,460 800 1,410 1,210 6,560 X X X X X 2,660 14,650 9,900 X X X X Bonds Payable (due August, 2019).. Cash Commissions earned Consulting revenue earned Depreciation expense, equipment Depreciation expense, trucks Dividends Equipment Interest expense Land Long-term investment in shares Mortgage Payable (due August, 2019). Patents Prepaid rent Property taxes expense Property taxes payable Rent earned Rent expense Rent payable Retained earnings Share capital Short-term notes payable Supplies Trademark Trucks Unearned consulting revenue 5,850 4,180 6,010 4,460 800 1,410 1,210 6,560 2,660 14,650 9,900 16,200 5,760 4,750 5,430 4,010 8,230 6,260 3,230 15,050 19,690 12,540 5,140 9,290 14,520 3,440 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity Mortgage Payable (due August, 2019). Patents Prepaid rent Property taxes expense Property taxes payable. Rent earned Rent expense Rent payable Retained earnings Share capital Short-term notes payable Supplies Trademark Trucks Unearned consulting revenue 16,200 5,760 4,750 5,430 4,010 8,230 6,260 3,230 15,050 19,690 12,540 5,140 9,290 14,520 3,440 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity (select one) Balance Sheet (select one) X X X x XL