Prepare X-cell Inc.’s statement of changes in equity for the year ended January 31 c) Prepare X-cell Inc.’s classified balance sheet at January 31.

X-cell Inc. showed the following adjusted trial balance at its year-end, January 31, 2014. Assume that X-cell Inc.’s tax rate is 25% and that it is accrued when
calculated at year end. The ABC Inc. bonds investment is intended to be held until it is due in 2024. The Investment in Star Inc. is an investment in an associate.

Account Balance Accounts Payable 228,000 Accounts Receivable 118,000 Accumulated Amortization, Copyright 12,500 Accumulated Amortization, Patents 63,500 Accumulated

Depreciation, Furniture 40,000 Allowance for Doubtful Accounts 500 Amortization Expense, Copyright 12,000 Amortization Expense, Patents 17,500 Cash 50,000 Cash

Dividends 32,000 (1) Common Shares 48,500 (2) Copyright 60,500 Delivery Expense 20,000 Depreciation Expense, Furniture 11,000 Earnings from Investment 41,000 Furniture

319,500 Interest Earned 31,000 Investment in ABC Inc. bonds 56,000 Investment in Star Inc. common shares 83,000 Land 124,000 Patents 135,500 Preferred Shares 74,000

Prepaid Rent 30,000 Rent Earned 70,500 Rent Expense 99,500 Rent Payable 295,000 Retained Earnings 74,500 Unearned Rent 189,500 1 $9,600 of the $32,000 total dividends

declared for the current accounting period relate to preferred shares with the remainder to common shares. 2 $9,700 of common shares were issued during the year ended

January 31, 2014. Required: a) Prepare X-cell Inc.’s income statement (showing both income before tax and income tax expense separately) for the year ended January 31.

b) Prepare X-cell Inc.’s statement of changes in equity for the year ended January 31 c) Prepare X-cell Inc.’s classified balance sheet at January 31.

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