sneed table quetsion attached in ss belowened help asapthanks14j1oihj1oih1 The adjusted trial balance for the year of Sneed Corporation at October 31, 2021, follows.EEE (Click the icon to view the adjusted trial balance.)Read the requirements.Requirement 1. Prepare Sneed Corporation's 2021 single-step income statement, statement of retained earnings, and balance sheet.Begin by preparing Sneed's 2021 income statement.Sneed CorporationIncome statementYear Ended October 31, 2021Income before taxNow prepareAdd:SubtotalLess:statement of retained earnings. (Include a subtotal after the "Add" line of the statement.)Sneed Corporationstatement of Retained EarningsYear Ended October 31, 2021AssetsRequirementsLiabilities1. Prepare Sneed Corporation's 2021 single-step income statement, statementof retained earnings, and balance sheet.2. Sneed's lenders require that the company maintain a debt ratio no higher than0.50. Calculate Sneed's debt ratio at October 31, 2021, to determine whetherthe company is in compliance with this debt restriction. If not, suggest a waythat Sneed could have avoided this difficult situation.Prepare the balance sheet. (If an input field is not used in the balance sheet leave the field empty; do not select a label or enter a zero. Do not classify the balance sheet into current and long-term sections.)Sneed CorporationBalance SheetOctober 31, 2021PrintDoneX CashAccounts receivableSuppliesPrepaid rentAccountSneed CorporationAdjusted Trial BalanceOctober 31, 2021EquipmentAccumulated depreciation equipmentAccounts payableInterest payableUnearned service revenueIncome tax payableNote payableCommon stockRetained earningsDividendsService revenueDepreciation expense equipmentSalary expenseRent expenseInterest expenseInsurance expenseSupplies expenseIncome tax expenseTotal$$Debit15,00019,4002,6001,10036,6002,0001,30040,60010,7002,9003,300$Credit5,6009,3001,1006002,00018,00010,0003,00095,1002,7006,500144,700 $ 144,700

Financial Statement - Financial Statement includes Income Statement, Statement of Retained Earnings,…

Cash Accounts receivable Supplies Prepaid rent Account Sneed Corporation Adjusted Trial Balance October 31, 2021 Equipment Accumulated depreciation equipment Salary expense Rent expense Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment Interest expense Insurance expense Supplies expense Income tax expense Total S $ Debit 15,000 19,400 2,600 1,100 36,600 2,000 1,300 40,600 10,700 2,900 3,300 $ Credit 5,600 9,300 1,100 600 2,000 18,000 10,000 3,000 95,100 2,700 6,500 144,700 $ 144,700

Cash Accounts receivable Supplies Prepaid rent Account Sneed Corporation Adjusted Trial Balance October 31, 2021 Equipment Accumulated depreciation equipment Salary expense Rent expense Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense equipment Interest expense Insurance expense Supplies expense Income tax expense Total S $ Debit 15,000 19,400 2,600 1,100 36,600 2,000 1,300 40,600 10,700 2,900 3,300 $ Credit 5,600 9,300 1,100 600 2,000 18,000 10,000 3,000 95,100 2,700 6,500 144,700 $ 144,700

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 9GI: Give an example and explanation for each of the following differences between when revenues are...

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