All - X Data table fe trid Balsamo Corporation Adjusted Trial Balance July 31, 2021 Account Debit ord Credit Jet. Cash om $ 18,000 pl 19,500 2,200 atd aly 2,100 36,000 $ 4,300 9,300 800 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 800 2,000 18,900 16,000 2.900 9,000 100,500 Print Done - x Data table 36,000 $ $ 4,300 9,300 800 800 2,000 18,900 16,000 Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense 2,900 9,000 100,500 1,600 40,700 11,000 2.600 3,600 2,000 7,200 Income tax expense $ 155,500 $ 155,500 Total Print Done The adjusted trial balance for the year of Balsamo Corporation at July 31, 2021, follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Balsamo Corporation's 2021 single-step income statement, statement of retained earnings, an Begin by preparing Balsamo's 2021 income statement. Balsamo Corporation Income Statement Year Ended July 31, 2021 Income before tax Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line of the statement.) Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line of the statement.) Balsamo Corporation Statement of Retained Earnings Year Ended July 31, 2021 Add: Subtotal Less: Prepare the balance sheet. (If an input field is not used in the balance sheet leave the field empty, do not select a label or enter a zero. Do not cl Balsamo Corporation Balance Sheet July 31, 2021 Assets Liabilities Stockholders' Equity Less: Requirement 2. Balsamo's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Balsamo's debt ratio at July 31, 2021. to determine whether a way that Balsamo could have avoided this difficult situation Begin by selecting the labels and then enter the amounts to compute Balsamo's debt rato at July 31, 2021. (Round your calculation to two decimal places) Debt ratio Balsamo's lenders require that the company maintain a debt ratio no higher than 0.50. Balsamo is with this debt restriction at July 31, 2021