The adustad orial halance for the yuar of Petarson Corporation at May 31, 2021, follows. Read the fecuirethents. Requiremeit 1. Prepare Peterson Corporation's 2021 singlestep inoome statement, statome Begin by preparing Peterson's 2021 income statement. Peserson Cedperation Income 5tatement Year Ended May 31, 2621 Requirements 1. Prepare Pelerson Curporabsris 2021 singlestes hoome satement maiemarh of retaned earings, and balance sheel. 2. Potarsoris ienders recueve that the compary meintain a dsbt cafo no highar than 0 so. Cabcuale Petersons dete ratio at Mar 35, 2001, to daiemine whether the coevpary is in complance with this sobt restision. If Not, wogest a way that Petereon couda have woided this dmicull shuation. The adfusted vial balance for the yoar of Peternon Corpotation at May 31. 20z1, follows. Data table Read the togatemenss. Requirement 1. Prepare Peserson Corporation's 2021 sirgle-sieg inoome statement, staterte Begin by preparing Peterson's 2024 income statement. Peterson Corperation Income Statement Year Einded May 31. 2021 Requirements 1. Prepare Pelerson Corporation's 2021 single-step inoome statement, uatement of retained eamings, and balance sheet. 2. Patenomi lenders requice that the company meintain a debt rabo no highor than 0.50. Calcidale Petersoms debt ratio al Moy 31, 2021, to detemine whether the sompany is in cempliance with this dobt resticsion. If not, suggest a way that Petersen coudd have avoided this difieul shuasion. Begh by pregarng Peteriont 2021 incorre staboinont. Duta tabue The adustad orial halance for the yuar of Petarson Corporation at May 31, 2021, follows. Read the fecuirethents. Requiremeit 1. Prepare Peterson Corporation's 2021 singlestep inoome statement, statome Begin by preparing Peterson's 2021 income statement. Peserson Cedperation Income 5tatement Year Ended May 31, 2621 Requirements 1. Prepare Pelerson Curporabsris 2021 singlestes hoome satement maiemarh of retaned earings, and balance sheel. 2. Potarsoris ienders recueve that the compary meintain a dsbt cafo no highar than 0 so. Cabcuale Petersons dete ratio at Mar 35, 2001, to daiemine whether the coevpary is in complance with this sobt restision. If Not, wogest a way that Petereon couda have woided this dmicull shuation. The adfusted vial balance for the yoar of Peternon Corpotation at May 31. 20z1, follows. Data table Read the togatemenss. Requirement 1. Prepare Peserson Corporation's 2021 sirgle-sieg inoome statement, staterte Begin by preparing Peterson's 2024 income statement. Peterson Corperation Income Statement Year Einded May 31. 2021 Requirements 1. Prepare Pelerson Corporation's 2021 single-step inoome statement, uatement of retained eamings, and balance sheet. 2. Patenomi lenders requice that the company meintain a debt rabo no highor than 0.50. Calcidale Petersoms debt ratio al Moy 31, 2021, to detemine whether the sompany is in cempliance with this dobt resticsion. If not, suggest a way that Petersen coudd have avoided this difieul shuasion. Begh by pregarng Peteriont 2021 incorre staboinont. Duta tabue
