O’Shea Enterprises started the 2006 accounting period with \($30,000\) of assets (all cash), \($18,000\) of li¬ abilities, and \($4,000\) of common stock. During the year, O’Shea earned cash revenues of \($48,000\), paid cash expenses of \($32,000\), and paid a cash dividend to stockholders of \($2,000\). O’Shea also acquired \($10,000\) of additional cash from the sale of common stock and paid \($6,000\) cash to reduce the liability owed to a bank.

Required:

a. Prepare an income statement, statement of changes in stockholders’ equity, period-end balance sheet, and statement of cash flows for the 2006 accounting period.

b. Determine the percentage of total assets that was provided by creditors, investors, and earnings.