i Requirements 1. Prepare Balsamo Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. 2. Balsamo's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Balsamo's debt ratio at October 31, 2018, to determine whether the company is in compliance with this debt restriction. If not, suggest a way that Balsamo could have avoided this difficult situation. Print Done Data Table Balsamo Corporation Adjusted Trial Balance October 31, 2018 Account Debit Credit Cash $ 14,000 Accounts receivable 19,000 plies 3,000 Prepaid rent 2,000 37,100 Equipment Accumulated depreciation-equipment Accounts payable $ 4,700 9,300 Interact navable ann Print Done Data Table