On January 1, 2014, Fireworks Fantasia entered its third year of operations. On December 31, 2014, Wes Gandalf, the owner, finalized the company's records that showed the following items.

Required
Prepare an income statement and statement of changes in equity for the year ended December 31, 2014, and a December 31, 2014, balance sheet, similar to Exhibits 1.8, 1.9, and 1.10.
Analysis Component: Analyze the balance sheet and calculate what percentage of the assets at December 31, 2014, were financed by (a) debt and (b) equity.

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$ 14,000 3,000 3,600 66,000 18,000 25,100 92,000 $ 58,000 14,000 Office equipment Accounts receivable Advertising expense Office supplies. Rent revenue Utilities expense ……… 9,000 Office supplies expense. Building Cash Fees earned . Fireworks supplies … Fireworks supplies expensem7 Land. 81,000 8,000 Tools.. 49,000 77.500 Wes Gandal, capital, 140,000 December 31, 2013 Wes Gandalf, withdrawals... 175,200 12,000