On August 1, 2022, Cross Fitness entered its second year of operations. Cross Fitness provides high-performance...

 

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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 Accounts receivable Jay Grey, capital, July 31, 2022* Jay Grey, withdrawals Cash Furniture Interest expense Notes payable $ 11,700 65,000 81,600 57,500 7,900 15,500 4,400 43,000 Workout equipment 21,500 Prepaid rent 6,300 Rent expense 25,500 Personal training revenue 7,100 Group training revenue 165,500 Supplies 4,700 Supplies expense 18,200 Utilities expense Wages expense 12,100 70,300 *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. b. Prepare statement of changes in equity for the year ended July 31, 2023. (Leave no cell blank, enter "O" where ever required.) CROSS FITNESS Statement of Changes in Equity For Year Ended July 31, 2023 Jay Grey, capital, August 1, 2022 Total Jay Grey, capital, July 31, 2023 0 Required: a. Prepare an income statement for the year ended July 31, 2023. CROSS FITNESS Income Statement For Year Ended July 31, 2023 Revenues: Total revenues Operating expenses: $ 0 Total operating expenses 0 c. Prepare balance sheet at July 31, 2023. Assets CROSS FITNESS Balance Sheet July 31, 2023 Total liabilities Liabilities $ 0 Equity Total assets $ 0 Total liabilities and equity $ 0 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.) Debt Equity Percentage of Assets % % 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 Accounts receivable Jay Grey, capital, July 31, 2022* Jay Grey, withdrawals Cash Furniture Interest expense Notes payable $ 11,700 65,000 81,600 57,500 7,900 15,500 4,400 43,000 Workout equipment 21,500 Prepaid rent 6,300 Rent expense 25,500 Personal training revenue 7,100 Group training revenue 165,500 Supplies 4,700 Supplies expense 18,200 Utilities expense Wages expense 12,100 70,300 *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. b. Prepare statement of changes in equity for the year ended July 31, 2023. (Leave no cell blank, enter "O" where ever required.) CROSS FITNESS Statement of Changes in Equity For Year Ended July 31, 2023 Jay Grey, capital, August 1, 2022 Total Jay Grey, capital, July 31, 2023 0 Required: a. Prepare an income statement for the year ended July 31, 2023. CROSS FITNESS Income Statement For Year Ended July 31, 2023 Revenues: Total revenues Operating expenses: $ 0 Total operating expenses 0 c. Prepare balance sheet at July 31, 2023. Assets CROSS FITNESS Balance Sheet July 31, 2023 Total liabilities Liabilities $ 0 Equity Total assets $ 0 Total liabilities and equity $ 0 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.) Debt Equity Percentage of Assets % %