The adjusted trial balance for the year of Sneed Corporation at October 31,2021, follows.

The adjusted trial balance for the year of Sneed Corporation at October 31, 2021, follows. Data table Data table Requirements 1. Prepare Sneed Corporation's 2021 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, 2021, 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