Question
ABC Corp. started the 2020 accounting period with $31,000 of assets (all cash), $12,500 of liabilities, and $16,000 of common stock. During the year, the
ABC Corp. started the 2020 accounting period with $31,000 of assets (all cash), $12,500 of liabilities, and $16,000 of common stock. During the year, the Retained Earnings account increased by $16,550. The bookkeeper reported that Prat paid cash expenses of $31,500 and paid a $3,100 cash dividend to the stockholders, but she could not find a record of the amount of cash that Prat received for performing services. Prat also paid $5,500 cash to reduce the liability owed to the bank, and the business acquired $6,900 of additional cash from the issue of common stock.
Determine the percentage of total assets that were provided by creditors, investors, and earnings. (Round your answers to 2 decimal places.) Show the formula used to calculate the percentages.
Creditors= ______%
Investors=______%
Earnings=______%
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