The adjusted trial balance for the year of Smith Corporation at October 31, 2021, follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Smith Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. Data table Requirements 1. Prepare Smith Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet. 2. Smith's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Smith's debt ratio at October 31, 2021, to determine whether the company is in compliance with this debt restriction. If not, suggest a way that Smith could have avoided this difficult situation