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Table Dreamer Corporation Adjusted Trial Balance May 31, 2018 Account Debit Credit $ Cash 17,000 18,800 3,000 1,400 36,500 $ 4,700 8,600 300 Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue 700 2,200 19,000 10,000 5,000 10,000 105,600 Print Done Read the requirements $ 105,600 1,400 Service revenue Expenses: Depreciation expense Salary expense Rent expense Interest expense Insurance expense Supples expense Income before tax Income tax expense 40,600 10,400 3,200 4,100 2,500 62,200 43,400 7200 Not income 38,200 Now prepare the statement of retained earnings (include a subtotal alter the "Add" line of the statement.) Dreamer Corporation Statement of Retained Earnings Year Ended May 31, 2016 Retained earnings. May 31, 2017 Aad Not income Subtotal Loss Didende Retired earrings May 31, 2018 Help Me Solve This DemoDocs Example Get More Hain 1. Prepare Dreamer Corporation's 2018 single-step income statement, statement of retained earings, and balance sheet. 2. Dreamer's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Dreamer's debt ratio at May 31, 2018, to determine whether the company is in compliance with this debt restriction. If not, suggest a way that Dreamer could have avoided this difficult situation. Data Table 36,500 $ 4,700 8,600 300 700 2,200 Equipment Accumulated depreciation equipment Accounts payable Interest payable Uneamed service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment Salary expense 19,000 10,000 5,000 10,000 105,600 1,400 40,600 10,400 Rent expense Interest expense Insurance expense 3,200 4,100 2,500 7,200 Supplies expense Income tax expense $ Total 156,100 $ 156,100 Print Done e Help