Evaluate the data below, 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 companys financial statements. Justify your evaluation and support your discussion with relevant calculations or ratios.

Yummy-Licios Ice Cream, Inc.
Income Statement
For Year end as on March 30 2022
Sales Revenue		$11,300
Expenses:
Cost of ingredients	$4,500
Salaries and Wages	$3,200
Utilities Expense	$700
Advertising Expense	$600
Total Expense		$9,000
Net Income		$2,300
Yummy-Licios Ice Cream, Inc.
Retained Earnings Statement
For Year end as on March 30 2022
Beginning Balance	$1,100
Net Income (loss)	$2,300
Sub Total	$3,400
Less: Dividends	$300
Closing Balance	$3,100
Yummy-Licios Ice Cream, Inc.
Balance Sheet
AtMarch302022
Assets:
Current Assets:
Cash	$17,000
Account Receivables	$600
Prepaid Rent	$7,300
Total Current Assets		$24,900
Non Current Assets:
Equipment	$9,700
Trademarks	$9,700
Total Non Current Assets		$19,400
Total Assets		$44,300
Current Liabilities:
Deferred Revenue	$400
Accounts Payable	$10,800
Total Current Liabilities		$11,200
Non Current Liabilities:
Notes Payable (long term)	$20,000
Total Non Current Liabilities		$20,000
Total Liabilities		$31,200
Stockholder's Equity:
Common Stock	$10,000
Retained Earnings	$3,100
Total Stockholder's Equity		$13,100
Total Liabilities and Equity		$44,300