P3-62A (similar to) The adjusted trial balance for the year of Schneider Corporation at May 31, 2018, follows. (Click the icon to view the adjusted trial balance.) Read the requirements - Credit Requirement 1. Prepare Schneider Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Schneider's 2018 income statement. 6 Data Table Schneider Corporation Income Statement Year Ended May 31, 2018 Schneider Corporation Adjusted Trial Balance May 31, 2018 Account Debit Cash $ 12,400 Accounts receivable 19,600 Supplies 2,100 Prepaid rent 1,300 Equipment 36,700 Accumulated depreciation-equipment $ Income before tax Accounts payable Interest payable Unearned service revenue Income tax payable Note payable 0 Requirements Common stock Retained earnings Dividends 6,000 1. Prepare Schneider Corporation's 2018 single-step income statement, Service revenue statement of retained earnings, and balance sheet Depreciation expense-equipment 1,200 2. Schneider's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Schneider's debt ratio at May 31, 2018, to determine Salary expense 40,000 whether the company is in compliance with this debt restriction. If not, suggest Rent expense 10,700 a way that Schneider could have avoided this difficult situation. Interest expense 3,300 Insurance expense 3,800 Print Done Supplies expense 2,100 Income tax expense 7,400 $ 146,600 $ Choose from any list or enter any number in the input fields and then click Check Total 4,100 9,200 900 1,050 2,800 18,300 17,000 2,500 90,750 146,600