The adjusted trial barance for the year of Nicholl Carperation at October 31, 2018, follows low.contoured rattalande) Roes the te Data Table - Requirement 1. Prepare Nichot Corporations 2018 single come statement tettent of retained earings and balance sheet Begin by preparing Micros 2018 income statement Nichail Corporation Income Statement Year Ended October 31, 2011 Nichell Corporation Adjusted that Balance October 31, 2018 Account Debit Credit Cash 17 000 Accounts receivate 10,200 Sipples 2,400 Prepaident 1,000 Equipment 36,700 Acumulated precisionment 5 5.000 Accounts payable 00000 Interest patie 700 Une med envio revenue 100 Income tax payable 2400 Not able 10.100 Common och 13,000 Retained angi 5.000 Dvidende Service revenue 100.000 Depreciation experiequipment 2.000 Salary expense 40.500 Income before Requirements 1. Prepare Nichol Corporation's 2018 single-step come statement statement of retained earning, and wance sheet 2. Nicholenders require that the company maintain a debt ratione higher than 0.50 Calculate Nichol's debt rato al Odober 31, 2018, to determine whether the company is in compliance with his debt restriction. If no way the Nihat could have avoided this difficultation Pin Done x Data Table 1 Nicholl Corporation Adjusted Trial Balance October 31, 2018 Account Debit Credit Cash $ Accounts receivable 17,000 19,200 2,400 1,000 36,700 $ 5,600 9,500 Supplies Prepaid rent Equipment Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock 700 500 2,400 19,100 13,000 5,000 Retained earnings Dividends 11,000 100,500 Service revenue Depreciation expense equipment Salary expense 2,000 40,500 The adjusted trial balance for the year of Nicholl Corporation at October 31, 2018, follows. (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 1. Prepare Nicholl Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. Begin by preparing Nicholl's 2018 income statement Nicholl Corporation Income Statement Year Ended October 31, 2018 Income before tax i Requirements 1. Prepare Nicholl Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. 2. Nicholl's londers require that the company maintain a debt ratio no higher than 0.50. Calculate Nicholl'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 Nicholl could have avoided this difficult situation EVERYTHING YOU NEED IS THERE. PLEASE LOOK AGAIN. IF YOU DO NOT KNOW HOW TO ANSWER THIS QUESTION PLEASE DO NOT WORK ON IT! Rent expense 10,700 Interest expense 2,600 Insurance expense Supplies expense 3.700 2,100 7,400 Income tax expense $ 156,300 $ 156,300 Total