Fundamentals of Financial Accounting Yummy-Licious Ice Cream, Inc. opens its fir

Fundamentals of Financial Accounting
Yummy-Licious Ice Cream, Inc. opens its first store in Calgary in January 2021. It sells two types of fresh fruit-based ice cream (regular & special) to Calgarian kids. Below is the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. at the end of the first quarter of its second year of operation (January 1- March 30, 2022).
Based on the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. above, you are required
to prepare/write the following:
1) An income statement (8 points);
2) A statement of retained earnings (4 points);
3) Balance Sheet (12 points);
4) A paragraph stating your evaluation of the company’s performance and financial
status for the quarter ending March 30, 2022. (6 points) In your evaluation, state whether:
o the business is profitable;
o it is able to pay its current obligations/liabilities;
o its assets are financed more by debts or equity;
o its retained earnings increased or decreased during the quarter and why. You may state any other insights you have on the company’s financial statements.
Justify your evaluation and support your discussion with relevant calculations or ratios.