On August 1, 2019, Cross Fitness entered its second year of operations. Cross Fitness provides high-performance group

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On August 1, 2019, Cross Fitness entered its second year of operations. Cross Fitness provides high-performance group and personal training courses that have been derived from scientific research and exercises used by professional athletes. On July 31, 2020, Jay Grey, the owner, finalized the company?s records, which showed the following items.

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The ending capital balance for one period is the beginning capital balance for the next period. There were no owner investments during the year ended July 31, 2020.

Required

Prepare an income statement and statement of changes in equity for the year ended July 31, 2020, and balance sheet at July 31, 2020, similar to Exhibits 1.8, 1.9, and 1.10.

Analysis Component: Analyze the balance sheet and calculate what percentage of the assets at July 31, 2020, were financed by (a) debt and (b) equity.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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