Preparing financial statements from the trial balance and calculating the debt ratioThe trial balance as of July 31, 2018, for Sheila Sanchez, Registered Dietician, is presented below:RequirementsPrepare the income statement for the month ended July 31, 2018.Prepare the statement of retained earnings for the month ended July 31, 2018. The beginning balance of retained earnings was $0.Prepare the balance sheet as of July 31, 2018.Calculate the debt ratio as of July 31, 2018. SHEILA SANCHEZ, REGISTERED DIETICIANTrial BalanceJuly 31, 2018BalanceAccount TitleDebitCreditCash$ 32,000Accounts Receivable9,100Office Supplies1,400Prepaid Insurance2,600Equipment24,000Accounts Payable$ 3,400Unearned Revenue1,296Notes Payable34,000Common Stock20,000Dividends3,000Service Revenue15,804Salaries Expense1,600Rent Expense700Utilities Expense100Total$ 74,500$ 74,500

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SHEILA SANCHEZ, REGISTERED DIETICIAN Trial Balance July 31, 2018 Balance Account Title Debit Credit Cash $ 32,000 Accounts Receivable 9,100 Office Supplies 1,400 Prepaid Insurance 2,600 Equipment 24,000 Accounts Payable $ 3,400 Unearned Revenue 1,296 Notes Payable 34,000 Common Stock 20,000 Dividends 3,000 Service Revenue 15,804 Salaries Expense 1,600 Rent Expense 700 Utilities Expense 100 Total $ 74,500 $ 74,500

SHEILA SANCHEZ, REGISTERED DIETICIAN Trial Balance July 31, 2018 Balance Account Title Debit Credit Cash $ 32,000 Accounts Receivable 9,100 Office Supplies 1,400 Prepaid Insurance 2,600 Equipment 24,000 Accounts Payable $ 3,400 Unearned Revenue 1,296 Notes Payable 34,000 Common Stock 20,000 Dividends 3,000 Service Revenue 15,804 Salaries Expense 1,600 Rent Expense 700 Utilities Expense 100 Total $ 74,500 $ 74,500

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 6E

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