Assume that you recently accepted a position with Stockman National Bank as an assistant loan officer. As one of your first duties, you have the responsibility of evaluating a loan request for $$90,000$ from Goldworks.com, a small proprietorship. In support of the loan application, Yolanda Tovar, owner, submitted a trial balance for the first year of operations ended March $31,2023.$

Use the trial balance to answer the questions.

$$ Explain to Yolanda Tovar how important the income statement, the statement of owner's equity, and the balance sheet are in evaluating the loan request.

$$ In discussing the trial balance with Yolanda Tovar, you discovered that the accounts had not been adjusted on March $31.$ Analyze the trial balance and indicate possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared.

$$ Assuming that an accurate set of financial statements will be submitted by Yolanda Tovar in a few days, how do you think the assistant loan officer would evaluate accounts receivable and net income in deciding on the loan request?

$$ You noted that Goldworks.com's trial balance is prepared through March $31,2023.$ Why would the business close out its year on this date? What factors could influence this selection?