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.

Sales revenue Income Statement For the year ended march 30, 2022 $11,300.00 $ 4,500.00 $ 6,800.00 Less: Cost of ingredients Gross Profit Expenses Salaries and Wages Utilities Expense Advertising Expenses Total Expenses Net Income $ 3,200.00 $ 700.00 $ 600.00 $ 4,500.00 $ 2,300.00 Beginning Balance Statement of reatined earnings For the year ended march 30, 2022 Add: Net Income Less: Dividend Ending Balance Assets Current Assets Cash Accounts Receivable Prepaid rent Total Current Assets Equipment Trademark Total Assets Liabiliites $ 1,100.00 $ 2,300.00 $ -300.00 $ 3,100.00 Balance Sheet For the year ended march 30, 2022 Current Liabilities Accounts Payable Deffred Revenue Total Current Liabilities Notes Payable Total Liabilities Shareholder's Equity Common Stock $17,000.00 $ 600.00 $ 7,300.00 $24,900.00 $ 9,700.00 $ 9,700.00 $44,300.00 $10,800.00 $ 400.00 $11,200.00 $20,000.00 $31,200.00 $10,000.00 Retained Earnings Total Shareholder's Equity Liabilities and shareholder's equity $ 3,100.00 $13,100.00 $44,300.00