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.

Income Statement For the year ended march 30, 2022 \begin{tabular}{|l|l|l|} \hline Sales revenue & & $11,300.00 \\ \hline Less: Cost of ingredients & & $4,500.00 \\ \hline Gross Profit & & $6,800.00 \\ \hline Expenses & & \\ \hline Salaries and Wages & $3,200.00 & \\ \hline Utilities Expense & $700.00 & \\ \hline Advertising Expenses & $600.00 & \\ \hline Total Expenses & & $4,500.00 \\ \hline Net Income & & $2,300.00 \\ \hline \end{tabular} Statement of reatined earnings For the year ended march 30,2022 \begin{tabular}{|l|l|l|} \hline Beginning Balance & & $1,100.00 \\ \hline Add: Net Income & $2,300.00 & \\ \hline Less: Dividend & $300.00 & \\ \hline Ending Balance & & $3,100.00 \\ \hline \end{tabular} Balance Sheet For the year ended march 30, 2022 Income Statement For the year ended march 30, 2022 \begin{tabular}{|l|l|l|} \hline Sales revenue & & $11,300.00 \\ \hline Less: Cost of ingredients & & $4,500.00 \\ \hline Gross Profit & & $6,800.00 \\ \hline Expenses & & \\ \hline Salaries and Wages & $3,200.00 & \\ \hline Utilities Expense & $700.00 & \\ \hline Advertising Expenses & $600.00 & \\ \hline Total Expenses & & $4,500.00 \\ \hline Net Income & & $2,300.00 \\ \hline \end{tabular} Statement of reatined earnings For the year ended march 30,2022 \begin{tabular}{|l|l|l|} \hline Beginning Balance & & $1,100.00 \\ \hline Add: Net Income & $2,300.00 & \\ \hline Less: Dividend & $300.00 & \\ \hline Ending Balance & & $3,100.00 \\ \hline \end{tabular} Balance Sheet For the year ended march 30, 2022