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On August $1,2022,$ 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 $31,2023,$ Jay Grey, the owner, finalized the company$$s records, which showed the following items.

Accounts payable $ $12,200$

Accounts receivable $70,000$

Jay Grey, capital, July $31,2022*82,100$

Jay Grey, withdrawals $60,000$

Cash $8,400$

Furniture $16,000$

Interest expense $4,900$

Notes payable $48,000$

Workout equipment $22,000$

Prepaid rent $6,800$

Rent expense $28,000$

Personal training revenue $8,100$

Group training revenue $173,000$

Supplies $5,200$

Supplies expense $18,700$

Utilities expense $12,600$

Wages expense $70,800$

$*$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 $31,2023.$

Required:

a$.$ Prepare an income statement for the year ended July $31,2023.$

b$.$ Prepare statement of changes in equity for the year ended July $31,2023.($Leave no cell blank, enter $"0"$ where ever required.$)$

c$.$ Prepare balance sheet at July $31,2023.$

Analysis Component:

Analyze the balance sheet and calculate what percentage of the assets at July $31,2023,$ were financed by $($a$)$ debt and $($b$)$ equity. $($Round your answers to $2$ decimal places.$)$

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