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Nicholl Corporation Income Statement Year Ended July 31, 2018 Income before tax Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line of the sta Nicholl Corporation Choose from any list or enter any number in the input fields and then continue to the next 5 . Income before tax Now prepare the statement of retained earnings. (Include a subtotal after the "Add" line Nicholl Corporation Statement of Retained Earnings Year Ended July 31, 2018 Add: Subtotal Less: Prepare the balance sheet. (If a box is not used in the balance sheet leave the box empty, Nicholl Corporation Balance Sheet July 31, 2018 Choose from any list or enter any number in the input fields and then continue to the ne Read the requirements. Nicholl Corporation Balance Sheet July 31, 2018 Liabilities Assets Stockholders' Equity Less Requirement 2. Nicholl's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Nicholl's debt ratio at way that Nicholl could have avoided this difficult situation. Choose from any list or enter any number in the input fields and then continue to the next question. Data Table X 1 Nicholl Corporation Adjusted Trial Balance July 31, 2018 Account Debit Credit Cash 12,400 19,500 2,000 1.100 36,800 s 4,300 9,400 Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-equipment Accounts payable Interest payable Uneamed service revenue Income tax payable Note payable Common stock Retained earnings Dividends 600 1,050 2,600 18,800 16.000 2.500 11,000 Print Done pis possi Data Table 4,300 9,400 600 1,050 2,600 18,800 16,000 2,500 Accumulated depreciation-equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends Service revenue Depreciation expense-I equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense 11,000 95,750 1,800 39,800 11,100 ta 3.100 3,500 2,100 6,800 Income tax expense 151,000 $ 151,000 Total Print Done

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