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 Sneed's 2018 Income statement Sneed Corporation Income Statement Year Ended October 31, 2018 Choose from any list or enter any number in the input fields and then click Check Answer, 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 HI Income before lax LIO - X Data Table Sneed Corporation Adjusted Trial Balance October 31, 2018 Account Debit Credit Cash $ 12,000 Accounts receivable 18,900 2,200 1,000 Supplies Prepaid rent Equipment Accumulated depreciationequipment Accounts payable 36,800 $ 4,900 9,200 Interest payable 600 Print Done -X Data Table ACCOUNT Dept Credit Cash $ 12,000 Accounts receivable 18,900 2,200 1,000 36,800 Supplies Prepaid rent Equipment Accumulated depreciationequipment Accounts payable Interest payable $ 4,900 9,200 600 Unearned service revenue 700 2,300 Income tax payable Note payable 18,700 Common stock 17 000 Print Done Data Table Unearned service revenue 700 2,300 Income tax payable Note payable 18,700 Common stock 17,000 Retained earnings 2,900 Dividends 10,000 Service revenue 92,800 1,100 Depreciation expenseequipment Salary expense 40,700 Rent expense 10,800 Interest expense 3,200 Insurance expense 3,700 Print Done - Data Table Common stock 17,000 Retained earnings 2,900 Dividends 10,000 Service revenue 92,800 Depreciation expenseequipment 1,100 Salary expense 40,700 Rent expense 10,800 Interest expense 3,200 Insurance expense 3,700 Supplies expense 2,200 6,500 Income tax expense $ 149,100 $ 149, 100 Total Print Done -X Requirements 1. Prepare Sneed Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. 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 determine whether the company is in compliance with this debt restriction. If not, suggest a way that Sneed could have avoided this difficult situation. Print Done