Fundamentals of Financial Accounting Final Assignment (30%) The final assignment is based on the following information. Yummy-Licious Ice Cream, Inc. opens its first store in Calgary in January 2021. It sells two types of fresh fruit-based ice cream (regular & special) to Calgarian kids. Below is the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. at the end of the first quarter of its second year of operation (January 1- March 30, 2022). Cash Accounts Receivable Prepaid Rent Equipment Trademark Accounts Payable Deferred Revenue Notes Payable (Long-term) Common Stock Retained Earnings, Jan. 1, 2022 Dividends Sales Revenue Cost of ingredients Yummy-Licios Ice Cream Inc. Unadjusted Trial Balance At March 30, 2022 Salaries and Wages Utilities Expense Advertising Expenses TOTAL $ 17,000.00 600.00 $ $ 7,300.00 $ 9,700.00 $ 9,700.00 to prepare/write the following: 1) An income statement (8 points); 2) A statement of retained earnings (4 points); 3) Balance Sheet (12 points); $ 300.00 $ 4,500.00 $ 3,200.00 $ 700.00 $ 600.00 $ 53,600.00 $ 10,800.00 $ 400.00 $ 20,000.00 $ 10,000.00 $ 1,100.00 $ 11,300.00 $ 53,600.00 Required: Based on the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. above, you are required 4) 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; its retained earnings increased or decreased during the quarter and wh 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. Submission Instruction: (1) Prepare all the requirements on the Excel Workbook provided. (2) Save the workbook with the filename: First Name, Last Name-FAF Final Assignment (3) Upload the workbook to the assignment page by hitting the "Add Submission" button.

Fundamentals of Financial Accounting Final Assignment (30%) The final assignment is based on the following information. Yummy-Licious lce Cream, Inc. opens its first store in Calgary in January 2021. It sells two types of fresh fruit-based ice cream (regular \& special) to Calgarian kids. Below is the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. at the end of the first quarter of its second year of operation (January 1- March 30, 2022). Yummy-Licios Ice Cream Inc. Unadjusted Trial Balance At March 30. 2022 Requircd: Based on the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. above, you are required to prepare/write the following: 1) An income statement ( 8 points): 2) A statement of retained eamings ( 4 points): 3) Balance Sheet ( 12 points); 4) 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. Submission Instruction: (1) Prepare all the requirements on the Excel Workbook provided. (2) Save the workbook with the filcname: First Name, Last Name - FAF Final Assignewent (3) Upload the workbook to the assignment page by hitting the "Add Submission" bunon