Income Statement 3. Perform analytical procedures that can help you evaluate Group Profitability, Liquidity and Solvency. Explain how your findings will impact this year's audit procedures. - Document all information of the analytical procedures you perform and your conclusions. - A minimum of Three financial ratios is acceptable. (i.e., 3 ratios to test the firm's profitability) Balance Sheet \begin{tabular}{|c|c|c|} \hline & \begin{tabular}{l} Preliminary \\ 31 Dec. 2022 \end{tabular} & \begin{tabular}{l} Audited \\ 31 Dec. 2021 \end{tabular} \\ \hline Cash & $443,689 & $334,981 \\ \hline Trade accounts receivable & 3,144,709 & 2,624,713 \\ \hline Allowance for uncollectible accounts & (120,000) & (215,000) \\ \hline Inventories & 4,120,380 & 3,588,400 \\ \hline Prepaid expenses & 29,500 & 24,700 \\ \hline Total current assets & S7,618,278 & $6,357,749 \\ \hline \multicolumn{3}{|l|}{ Property, plant, and equipment: } \\ \hline At cost & 14,095,077 & 10,271,787 \\ \hline Less accumulated depreciation & (4,382,990) & (3,775,911) \\ \hline Total non-current assets & $9,712,087 & $6,495,876 \\ \hline Goodwill & 1,200,000 & 345,000 \\ \hline Total assets & $18,530,365 & $13,198,625 \\ \hline Accounts payable & 2,441,552 & 2,926,789 \\ \hline Bank loan payable & 150,000 & \\ \hline Accrued latsilities & 723,600 & 598,020 \\ \hline Federal income taxes payable & 1,200,000 & 1,759,000 \\ \hline Current portion of long-term debt & 240,000 & 240,000 \\ \hline Total Current Liabilities & $4,755,152 & $5,523,809 \\ \hline Long-term debt & 960,000 & 1,200,000 \\ \hline Total liabilities & $5,715,152 & $6,723,809 \\ \hline \multicolumn{3}{|l|}{ Stockholders' equity: } \\ \hline Common stock & 1,500,000 & 1,250,000 \\ \hline Additional paid-in capital & 2,469,921 & 1,333,801 \\ \hline Retained enchines & 8,845,292 & 3,891,015 \\ \hline Total stockholders' equity & $12,815,213 & $6,474,816 \\ \hline \begin{tabular}{l} Total Liabilities and Stockholders' \\ Equity \end{tabular} & $18,530,365 & $13,198,625 \\ \hline \end{tabular} Retained Earnings Statement