Using the trial balance provided above, prepare an income statement and a statement of changes in equity for the first three months ended July 31, 2020, and a balance sheet at July 31, 2020.

Analysis Component: Analyze the balance sheet and calculate what percentage of the assets is financed by (a) debt and (b) equity.

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Lincoln Landscaping Trial Balance July 31, 2020 Account Title Acct. No. Debit Credit $ 23,720 Cash. 101 Accounts receivable. 18,600 106 128 Prepaid insurance 13,750 64,600 167 Equipment. $ 37,500 Accounts payable 201 Unearned revenue. 2,800 233 251 Long-term notes payable. 58,000 301 Brielle Lincoln, capital. 65,000 Brielle Lincoln, withdrawals. 302 8,950 401 Revenue. 29,100 Wages expense. 623 59,000 Rental expense. 645 1,100 Advertising expense 655 1,750 684 Repairs expense. 930 $192,400 $192,400 Totals