Crawford Enterprises started the 2009 accounting period with $50,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, Crawford earned cash revenues of $38,000, paid cash expenses of $32,000, and paid a cash dividend to stockholders of $2,000. Crawford also acquired $15,000 of additional cash from the sale of common stock and paid $10,000 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 2009 accounting period.
b. Determine the percentage of total assets that were provided by creditors, investors, and earnings.