HairPro, Inc. opens its first hair salon in Calgary in January 2023. It prepares quarterly financial...

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HairPro, Inc. opens its first hair salon in Calgary in January 2023. It prepares quarterly financial statements for its owners and external stakeholders. Below is the unadjusted trial balance of HairPro at the end of its first quarter of operation ending on March 31, 2023. Cash Prepaid Insurance Prepaid Rent Shop Equipment Shop Furniture and Fixtures Accounts Payable Deferred Revenue Notes Payable (Long-term) Common Stock Retained Earnings, Jan. 1, 2023 Service Revenue Supplies Expense Salaries and Wages Utilities Expense Rent Expense TOTAL HairPro Inc. Unadjusted Trial Balance At March 31, 2023 is is is in un $ $ $ inessin $ $ 18,000.00 600.00 7,300.00 9,700.00 9,700.00 1) An income statement (8 points); 2) A statement of retained earnings (4 points); 3) Balance Sheet (12 points); 5,800.00 3,200.00 700.00 600.00 55,600.00 ssssssssss $ 10,800.00 400.00 20,000.00 10,000.00 14,400.00 55,600.00 Required: Based on the unadjusted trial balance of Hair Pro, Inc. above, you are required to prepare/write the following: 4) A paragraph stating your evaluation of the company's performance and financial status for the quarter ending March 31, 2023. (6 points) In your evaluation, state whether: o the business is profitable; Ō it can pay its current obligations/liabilities; and HairPro, Inc. opens its first hair salon in Calgary in January 2023. It prepares quarterly financial statements for its owners and external stakeholders. Below is the unadjusted trial balance of HairPro at the end of its first quarter of operation ending on March 31, 2023. Cash Prepaid Insurance Prepaid Rent Shop Equipment Shop Furniture and Fixtures Accounts Payable Deferred Revenue Notes Payable (Long-term) Common Stock Retained Earnings, Jan. 1, 2023 Service Revenue Supplies Expense Salaries and Wages Utilities Expense Rent Expense TOTAL HairPro Inc. Unadjusted Trial Balance At March 31, 2023 is is is in un $ $ $ inessin $ $ 18,000.00 600.00 7,300.00 9,700.00 9,700.00 1) An income statement (8 points); 2) A statement of retained earnings (4 points); 3) Balance Sheet (12 points); 5,800.00 3,200.00 700.00 600.00 55,600.00 ssssssssss $ 10,800.00 400.00 20,000.00 10,000.00 14,400.00 55,600.00 Required: Based on the unadjusted trial balance of Hair Pro, Inc. above, you are required to prepare/write the following: 4) A paragraph stating your evaluation of the company's performance and financial status for the quarter ending March 31, 2023. (6 points) In your evaluation, state whether: o the business is profitable; Ō it can pay its current obligations/liabilities; and