Based on the unadjusted trial balance of Epic Style, Inc. above, you are required to prepare/write the following:

1. An income statement
2. A statement of retained earnings
3. Balance Sheet
4. A paragraph stating your evaluation of the company's performance and financial status for the quarter ending June 30, 2023.
5. In your evaluation, state whether:

a. the business is profitable;

b. it is able to pay its current obligation/liabilities; and

c. its assets are financed more by debts or equity

Support your discussion with relevant calculations or ratios.

Prepare all the requirements on the excel workbook.

The final assignment is based on the following information. Epic Styles, Inc. opens its first hair salon in Calgary in January 2023. It prepares a quarterly financial statement for its owners and external stakeholders. Below is the unadjusted trial balance of Epic Styles at the end of its second quarter of operation ending on June 30, 2023