Homework Help is Here – Start Your Trial Now!
Business
Accounting
Yummy-Licious Ice Cream, Inc. opens its first store in Calgary in January 2021. It sells two types of fresh fruit-based ice cream (regular & special) to Calgarian kids. Below is the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. at the end of the first quarter of its second year of operation (January 1- March 30, 2022). Cash Accounts Receivable Prepaid Rent Equipment Trademark Accounts Payable Deferred Revenue Notes Payable (Long-term) Common Stock Retained Earnings, Jan. 1, 2022 Dividends Sales Revenue Cost of ingredients Yummy-Licios Ice Cream Inc. Unadjusted Trial Balance At March 30, 2022 Salaries and Wages Utilities Expense Advertising Expenses TOTAL $ 17,000.00 $ 600.00 $ 7,300.00 $ 9,700.00 $ 9,700.00 to prepare/write the following: 1) An income statement (3) 2) A statement of retained earnings 3) Balance Sheet ( $ 300.00 $ 4,500.00 $ 3,200.00 $ $ $ 53,600.00 700.00 600.00 $ 10,800.00 $ 400.00 $ 20,000.00 $ 10,000.00 $ 1,100.00 $ 11,300.00 $ 53,600.00 Required: Based on the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. above, you are required

Yummy-Licious Ice Cream, Inc. opens its first store in Calgary in January 2021. It sells two types of fresh fruit-based ice cream (regular & special) to Calgarian kids. Below is the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. at the end of the first quarter of its second year of operation (January 1- March 30, 2022). Cash Accounts Receivable Prepaid Rent Equipment Trademark Accounts Payable Deferred Revenue Notes Payable (Long-term) Common Stock Retained Earnings, Jan. 1, 2022 Dividends Sales Revenue Cost of ingredients Yummy-Licios Ice Cream Inc. Unadjusted Trial Balance At March 30, 2022 Salaries and Wages Utilities Expense Advertising Expenses TOTAL $ 17,000.00 $ 600.00 $ 7,300.00 $ 9,700.00 $ 9,700.00 to prepare/write the following: 1) An income statement (3) 2) A statement of retained earnings 3) Balance Sheet ( $ 300.00 $ 4,500.00 $ 3,200.00 $ $ $ 53,600.00 700.00 600.00 $ 10,800.00 $ 400.00 $ 20,000.00 $ 10,000.00 $ 1,100.00 $ 11,300.00 $ 53,600.00 Required: Based on the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. above, you are required

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Yummy-Licious Ice Cream, Inc. opens its first store in Calgary in January 2021. It sells two types of fresh fruit-based ice cream (regular & special) to Calgarian kids. Below is the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. at the end of the first quarter of its second year of operation (January 1- March 30, 2022). Cash Accounts Receivable Prepaid Rent Equipment Trademark Accounts Payable Deferred Revenue Yummy-Licios Ice Cream Inc. Unadjusted Trial Balance At March 30, 2022 Notes Payable (Long-term) Common Stock Retained Earnings, Jan. 1, 2022 Dividends Sales Revenue Cost of ingredients Salaries and Wages Utilities Expense Advertising Expenses TOTAL $ 17,000.00 $ 600.00 $ 7,300.00 $ 9,700.00 $ 9,700.00 $ 300.00 status for the quarter ending March 30, 2022. In your evaluation, state whether: o the business is profitable; $ 4,500.00 $ 3,200.00 $ 700.00 $ 600.00 $ 53,600.00 $ 10,800.00 $ 400.00 $ 20,000.00 $ 10,000.00 $ 1,100.00 $ 11,300.00 $ 53,600.00 Required: Based on the unadjusted trial balance of Yummy-Licios Ice Cream, 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 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 company's financial statements. Justify your evaluation and support your discussion with relevant calculations or ratios.
Transcribed Image Text:Yummy-Licious Ice Cream, Inc. opens its first store in Calgary in January 2021. It sells two types of fresh fruit-based ice cream (regular & special) to Calgarian kids. Below is the unadjusted trial balance of Yummy-Licios Ice Cream, Inc. at the end of the first quarter of its second year of operation (January 1- March 30, 2022). Cash Accounts Receivable Prepaid Rent Equipment Trademark Accounts Payable Deferred Revenue Yummy-Licios Ice Cream Inc. Unadjusted Trial Balance At March 30, 2022 Notes Payable (Long-term) Common Stock Retained Earnings, Jan. 1, 2022 Dividends Sales Revenue Cost of ingredients Salaries and Wages Utilities Expense Advertising Expenses TOTAL $ 17,000.00 $ 600.00 $ 7,300.00 $ 9,700.00 $ 9,700.00 $ 300.00 status for the quarter ending March 30, 2022. In your evaluation, state whether: o the business is profitable; $ 4,500.00 $ 3,200.00 $ 700.00 $ 600.00 $ 53,600.00 $ 10,800.00 $ 400.00 $ 20,000.00 $ 10,000.00 $ 1,100.00 $ 11,300.00 $ 53,600.00 Required: Based on the unadjusted trial balance of Yummy-Licios Ice Cream, 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 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 company's financial statements. Justify your evaluation and support your discussion with relevant calculations or ratios.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps with 6 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

4) A paragraph stating your evaluation of the company’s performance and financial status for the quarter ending March 30, 2022.

In your evaluation, state whether:

a) the business is profitable?

b) it is able to pay its current obligations/liabilities? 

c) its assets are financed more by debts or equity?

d)  its retained earnings increased or decreased during the quarter and why?

You may state any other insights you have on the company’s financial statements. Justify your evaluation and support your discussion with relevant calculations or ratios.

Solution
Bartleby Expert
SEE SOLUTION
Follow-up Question

A paragraph stating your evaluation of the company’s performance and financial status for the quarter ending March 30, 2022. 
In your evaluation, 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 company’s financial statements.

Justify your evaluation and support your discussion with relevant calculations or ratios.

Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Gift Taxes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS