The adjusted trial balance for the year of Sneed Corporation at October 31, 2018, follows (Click the icon to view the adjusted trial balance) Read the requirements Requirement 1. Prepare Sneed Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Sneeds 2018 income statement. Sneed Corporation Income Statement Year Ended October 31, 2018 Income before tax Choose from any list or enter any number in the input fields and then continue to the next netin The adjusted trial balance for the year of Sneed Corporation at October 31, 2018, follows. (Click the icon to view the adjusted trial balance.) Read the requirements Income before tax Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line of the statement.) Sneed Corporation Statement of Retained Earnings Year Ended October 31, 2018 Add: Subtotal Less Prepare the balance sheet. (If a box is not used in the balance sheet leave the box empty, do not select a label or enter a zero Prepare the balance sheet of a box is not used in the balance sheet leave the box empty, do not select a label or enter a zero. Do not classify the balance she Sneed Corporation Balance Sheet October 31, 2018 Assets Liabilities Stockholders' Equity Less Choose from any list or enter any number in the input fields and then continue to the next question Requirement 2. Sneed's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Sneed's debt ratio at October 31, 2018, to have avoided this difficult situation Begin by selecting the labels and then enter the amounts to compute Sneed's debt ratio at October 31, 2018. (Round your calculation to two decimal plac Debt ratio Sneed's lenders require that the company maintain a debt ratio no higher than 0.50. Sneed is with this debt restriction at October 31, Choose from any list or enter any number in the innut fide and then rentina Data Table - Sneed Corporation Adjusted Trial Balance October 31, 2018 Account Debit Credit Cash $ Accounts receivable 10,000 19,500 2,700 1,800 36,700 $ 4,800 9,500 300 Supplies Prepaid rent Equipment A Accumulated depreciation-equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained, earnings Dividends 1,050 ny is in comp 2,800 18,800 15,000 5,000 2,000 CA > 4,800 9,500 300 1,050 2,800 18,800 15,000 od 5,000 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 Income tax expense 2,000 83,950 1,700 40,300 igh 11.100 ny is in compliar 2,500 atid 4,200 2,200 6,500 Total 141,200 $ Sne 141,200 to Print Done