Question 8 [30 points) Jack Tasker started Global Fiter Corp early this year for the first few months of the company's life (through May) the accounting records were maintained by an outside bookkeeping service According to those records the share capital balance was $92000 as of May 31 To save on expenses Jack decided to keep the records himself He managed to record June transactions properly, but was a bit rusty when the time came to prepare the financial statements His first versions of the balance sheet and income statement follow For Month Ended June 30, 2014 Revenues Issuance of shares 91.000 Property Taxes Payable 11 500 Rent Eamed 109,000 Total revenues Expenses Retained Earnings 117.500 Prepaid Insurance 59.000 Office Supplies Expense 36 500 Total expenses Net loss 211.500 213.000 1.500 Global Filter Corp Balance Sheet June 30, 2014 Assets Liabilities 9:30 AM ENG fi Type here to search DOLL rese 8 9 Question 8 [30 points) Jack Tasker started Global Fiter Corp early this year for the first few months of the company's life (through May) the accounting records were maintained by an outside bookkeeping service According to those records the share capital balance was $92000 as of May 31 To save on expenses Jack decided to keep the records himself He managed to record June transactions properly, but was a bit rusty when the time came to prepare the financial statements His first versions of the balance sheet and income statement follow For Month Ended June 30, 2014 Revenues Issuance of shares 91.000 Property Taxes Payable 11 500 Rent Eamed 109,000 Total revenues Expenses Retained Earnings 117.500 Prepaid Insurance 59.000 Office Supplies Expense 36 500 Total expenses Net loss 211.500 213.000 1.500 Global Filter Corp Balance Sheet June 30, 2014 Assets Liabilities 9:30 AM ENG fi Type here to search DOLL rese 8 9