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explain your justification and evaluation

CoursHeroTranscribedText: 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). Yummy-Licios Ice Cream Inc. Unadjusted Trial Balance At March 30, 2022 Cash 17,000.00 Accounts Receivable 600.00 Prepaid Rent 7,300.00 Equipment 9,700.00 Trademark 9,700100 Accounts Payable 5 10,800.00 Deferred Revenue S 400.00 Notes Payable (Long-term) $ 20.000.00 Common Stock $ 10,000.00 Retained Earnings, Jan. 1, 2022 1.100.00 Dividends 300.00 Sales Revenue $ 11,300.00 Cost of ingredients 4,500.00 Salaries and Wages 3,200.00 Utilities Expense 700.00 Advertising Expenses 600.00 TOTAL 53,600.00 $ 53,600.00 Required: 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; it is able to pay its current obligations/liabilities; o its assets are financed more by debts or equity, its retained earnings increased or decreased during the quarter and why

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