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The final assignment is based on the following information. Epic Styles, Inc. opens its first hair salon in Calgary on January 1, 2023. It prepares
The final assignment is based on the following information. Epic Styles, Inc. opens its first hair salon in Calgary on January 1, 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 first quarter of operation ending on March 31, 2023. Required: Based on the unadjusted trial balance of Epic Styles, 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 March 31, 2023. In your evaluation, state whether: the business is profitable: it is able to pay its current obligations/liabilities; and its assets are financed more by debts or equity
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