This assignment will assess your skills and knowledge about: Identifying real and nominal accounts in the accounting cycle. Preparing and interpreting financial statements based on recorded transactions. Describing merchandise inventory systems and their impact on retail businesses. Assignment Information Last week, we completed the initial steps of the accounting cycle by recording Urban Path Co.'s transactions into the journal, T-accounts, and preparing the trial balance. This week, we will complete the cycle for those transactions. Download and use the provided template to complete the following tasks: Prepare the income statement, statement of retained earnings, and balance sheet for Urban Path Co. Identify and list the real (permanent) and nominal (temporary) accounts from the trial balance and the financial statements you have prepared. Summarize Urban Path Co.'s profitability, stability, and liquidity based on the figures presented in the financial statements. Describe the differences between the perpetual and periodic inventory systems and how each system would affect financial statements