Pratt Corp. started the Year 2 accounting period with total assets of $38,000 cash, $16,000 of liabilities, and $13,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings account increased by $15,050. The bookkeeper reported that Pratt paid cash expenses of $30,000 and paid a $2,800 cash dividend to stockholders, but she could not find a record of the amount of cash revenue that Pratt received for performing services. Pratt also paid $11,000 cash to reduce the liability owed to a bank, and the business acquired $8,800 of additional cash from the issue of common stock. Assume all transactions are cash transactions.

a) Prepare the year 2 balance sheet.

b) Determine the percentage of total assets that were provided by creditors, investors, and earnings. (Round to 2 decimal places)

Financial Accounting.