George Littlechild started a new kitchen and bath design business called Littlechid Enterprises. The following activities occurred during its month of operations March 2020 A Litlechild invested $235.000 cash and office equipment valued at $35,000 in the business b. Purchased a small building for $750,000 to be used as an office Paid $175,000 in cash and signed a note payable promising to pay the balance over several years c. Purchased $4,500 of office supplies for cash d. Purchased $87000 of office equipment on credit e.Lintechid made reservations at a hotel hosting a kitchen and bath design conference in August 2020. He will send a $2,500 deposit on July 1, 2020 Completed a project on credit and billed the client $6.700 for the work g. Paid a local online newspaper 55.000 for an announcement that the office had opened h. Completed a project for a client and collected $5,500 cash Made a $5,500 payment on the equipment purchased in (d) Received $3,250 from the client described in (1) k. Paid $10,000 cash for the office secretary's wages. L Littlechild withdrew $5.900 cash from the company bank account to pay personal living expenses Required: 1. & 2. Complete the following table Use additions and subtractions to show the transactions effects on the elements of the equation For each change in equity, select whether the change was caused by an investment, a revenue, an expense, or a withdrawal Determine the final total for each Kem and verify that the equation is in balance. (Enter all amounts as positive values. If the transaction event does not affect equity or do not require o journal entry, select "No Affect on Equity in the "Explanation of equity transaction field.) Asses Accounts Hec Office Supplies Office Equipment Libilities Accounts Notes Payabile Payable Equity Lilochild Capital Building Lxplanational quiry Tractor ( ( Proy Next Determine the final total for each item and verify that the equation is in balance (Enter all amounts as positive values. If the transaction/event does not affect equity or do not require a journal entry, select "No Affect on Equity in the 'Explanation of equity transaction field.) Assets Liabilities Accounts Receivable Cash Office Supplies Office Equipment Equity Llech Capital Accounts Payable Building Notes Payable a () (d) fo) ch (g Elle 3-a. Prepare an income statement. Littlechild Enterprises Income Statement For Month Ended March 31, 2020 Revenues Service revenue Operating expenses Wages expense Advertising expense Total operating expenses 3-b. Prepare a statement of changes in equity. Littlechild Enterprises Statement of Changes in Equity For Month Ended March 31, 2020 George Littlechild, capital, March 1 Add: Investments by owner Total Less: Withdrawals by owner Loss George Littlechild, capital, March 31 3-c. Prepare a balance sheet. Assets Cash Accounts receivable Office supplies Office equipment Building Total assets Littlechild Enterprises Balance Sheet March 31, 2020 Liabilities Accounts payable Notes payable Total liabilities Equity George Littlechild, capital Total liabilities and equity Analysis Component: Littlechild Enterprises' assets are financed 71% by debt. What does this mean? As part of your answer include an explanation of how the 71% was calculated (Round your answer to the nearest whole number.) Aanats result from a combination of debt and equity financing (A=L+E) Litochild Enterprises total ansate of resulted from incurring in oblities x 100 71%