1a only

Kate's Cakes Income Statement Year ended November 30, 2021 Kate's Cakes Statement of Retained Earnings Year ended November 30, 2021 \begin{tabular}{|l|l|l|} \hline 2021 & 2020 \\ \hline \end{tabular} Kate's Cakes Statement of Retained Earnings Year ended November 30, 2021 Retained earnings, beginning of year Net income Dividends paid Retained earnings, end of year Kate's Cakes Balance Sheet November 30,2021 Assets Current Cash Accounts receivable - Net of AFDA Inventory Prepaid expenses Total current assets Property, plant and equipment - Net of A/A Total Assets Liabilities $575,917 Accounts payable \begin{tabular}{ll|ll} $ & 3,710 & $ & 5,860 \end{tabular} Liabilities Accounts payable Unearned revenue Current portion of long-term debt Total current liabilities Long-term debt Total Liabilities Shareholders' Equity Share capital, unlimited common shares authorized, 1,000 issued and outstanding Retained earnings Total Liabilities and Shareholders' Equity \begin{tabular}{|lr|rrr|} \hline$ & 1,000 & & $ & 1,000 \\ \hline$ & 548,267 & & $ & 327,821 \\ \hline$ & 575,917 & & $ & 360,541 \\ \hline \hline \end{tabular} Other Information: Market price per share of Kate's Cakes was $20 per share as of November 30, 2021 Required: 1A Perform horizontal analysis on the above financial statements (For the highlighted items only) Marks Available: 10 1 B Perform vertical analysis on the current and prior year of the above financial statements (For highlighted items only) Kate's Cakes Income Statement Year ended November 30, 2021 Statement of Retained Eamings Year ended November 30, 2021 Kate's Cakes Statement of Retained Earnings Year ended November 30,2021 \begin{tabular}{l|l|l|} & 2021 & 2020 \\ \hline Retained eamings, beginning of year & $327,821 & $91,295 \\ \hline Net income & $340,946 & $307,026 \\ \hline Dividends paid & $120,500 & $70,500 \\ \hline Retained eamings, end of year & $548,267 & $327,821 \\ \hline \multicolumn{2}{l|}{ Kate's Cakes } \end{tabular} Balance Sheet November 30,2021 Liabilities Accounts payable Liabilities Accounts payable \begin{tabular}{|l|l|rr|} \hline $ & 3,710 & $ & 5,860 \\ \hline$ & 2,340 & $ & 1,660 \\ \hline$ & 3,600 & $ & 3,600 \\ \hline $ & 9,650 & $ & 11,120 \\ \hline$ & 18,000 & $ & 21,600 \\ \hline $ & 27,650 & $ & 32,720 \\ \hline \end{tabular} Sharcholders' Equity Share capital, unlimited common shares authorized, 1,000 issued and outstanding Retained eamings \begin{tabular}{|lr|} \hline$ & 1,000 \\ \hline$ & 548,267 \\ \hline$ & 575,917 \\ \hline \end{tabular} \$ 1,000 Total Liabilities and Shareholders' Equity $360,541