Question
Prat Corp. started the 2018 accounting period with $38,000 of assets (all cash), $16,000 of liabilities, and $13,000 of common stock. During the year, the
Prat Corp. started the 2018 accounting period with $38,000 of assets (all cash), $16,000 of liabilities, and $13,000 of common stock. During the year, the Retained Earnings account increased by $15,050. The bookkeeper reported that Prat paid cash expenses of $30,000 and paid a $2,800 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 $11,000 cash to reduce the liability owed to the bank, and the business acquired $8,800 of additional cash from the issue of common stock. b.Determine the percentage of total assets that were provided by creditors, investors, and earnings. (Round your answers to 2 decimal places.)
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