Reference no: EM133497218
Question: 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.
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