Yummy-Licious ice cream inc. opened its first store in Calgary in January 2021. It sells 2 types of fresh-fruit based ice cream (regular and special) to Calgarian Kids. The image shows the unadjusted trial balance of yummy-licious ice cream inc. at the end of the first quarter of its second year of operation ( january 1-march 2022).Based on the information provided on the image prepareIncome statamentStatement of retained earningsBalance sheet CashAccounts ReceivablePrepaid RentEquipmentTrademarkAccounts PayableDeferred RevenueNotes Payable (Long-term)Yummy-Licios Ice Cream Inc.Unadjusted Trial BalanceAt March 30, 2022Common StockRetained Earnings, Jan. 1, 2022DividendsSales RevenueCost of ingredientsSalaries and WagesUtilities ExpenseAdvertising ExpensesTOTAL$$$$$$sssssssssss$$$$$17,000.00600.007,300.009,700.009,700.00300.004,500.003,200.00700.00600.0053,600.00$ 10,800.00$ 400.00$ 20,000.00$ 10,000.00$ 1,100.00$ 11,300.00$ 53,600.00

The company prepares financial reports to convey the result of the operations and the financial…

Answered: Yummy-Licious ice cream inc. opened its…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Yummy-Licious ice cream inc. opened its first store in Calgary in January 2021. It sells 2 types of fresh-fruit based ice cream (regular and special) to Calgarian Kids. The image shows the unadjusted trial balance of yummy-licious ice cream inc. at the end of the first quarter of its second year of operation ( january 1-march 2022).

Based on the information provided on the image prepare

Income statament
Statement of retained earnings
Balance sheet

Cash
Accounts Receivable
Prepaid Rent
Equipment
Trademark
Accounts Payable
Deferred Revenue
Notes Payable (Long-term)
Yummy-Licios Ice Cream Inc.
Unadjusted Trial Balance
At March 30, 2022
Common Stock
Retained Earnings, Jan. 1, 2022
Dividends
Sales Revenue
Cost of ingredients
Salaries and Wages
Utilities Expense
Advertising Expenses
TOTAL
$
$
$
$
$
$
sssssssssss
$
$
$
$
$
17,000.00
600.00
7,300.00
9,700.00
9,700.00
300.00
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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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