In the previous week's learning journal, we explored the initial steps of the accounting cycle. This week's journal serves as a continuation, where we will complete the accounting cycle for the transactions discussed in the previous week's journal. Based on the information mentioned in the spreadsheet and the template provided, prepare a financial statement for your company keeping the below factors in mind:

Income statement

Statement of retained earnings

Balance sheet

Once you have prepared these statements, provide your analysis based on the information presented.

Elaborate on the concept of perpetual and periodic inventory systems, provide relevant examples, and outline the distinctions between the two systems?$($The trial balance sheet is tagged as photo$)\backslash$table$[[$Trial Balance of FunSun. Co$],[\backslash$table$[[$Partculars$]],$Debit $($$$),$Credit $($$$)],[$Cash$,30,200,],[$Furniture$,2,000,],[$office supply,$1,100,],[$Stock$,,35,000],[$Account Payable,,$1,000],[$Account Receivable,$1,600,],[$Sales revenue,,$12,600],[$Van$,7,000,],[$Loan$,,6,000],[$Rent$,5,000,],[$Salary Payable,,$500],[$Salary expense,$4,500,],[$Prepaid insurance,$1,650,],[$Insurance expenses,$150,],[$Depreciation$,150,],[$Accum$.$ Depreciation,,$150],[$Drawings$,1,000,],[$Purchase return,,$100],[$Divdend$,1,000,],[,55350,55350]]$