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 companys records, which showed the following items.

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 companys records, which showed the following items.

Accounts payable	$	12,300
Accounts receivable		71,000
Jay Grey, capital, July 31, 2019*		82,200
Jay Grey, withdrawals		60,500
Cash		8,500
Furniture		16,100
Interest expense		5,000
Notes payable		49,000
Workout equipment		22,100
Prepaid rent		6,900
Rent expense		28,500
Personal training revenue		8,300
Group training revenue		174,500
Supplies		5,300
Supplies expense		18,800
Utilities expense		12,700
Wages expense		70,900

*Hint: 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: a. Prepare an income statement for the year ended July 31, 2020.

b. Prepare statement of changes in equity for the year ended July 31, 2020. (Leave no cell blank, enter "0" where ever required.)

c. Prepare balance sheet at July 31, 2020.

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. (Round your answers to 2 decimal places.)

*Hint: 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.