The adjusted trial balance for the year of Nicholl Corporation at December 31, 2018, follows. (Click the icon to view th

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The Adjusted Trial Balance For The Year Of Nicholl Corporation At December 31 2018 Follows Click The Icon To View Th 1 (170.07 KiB) Viewed 37 times

The adjusted trial balance for the year of Nicholl Corporation at December 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 December 31, 2018 Income before tax
X ● Requirements 1. Prepare Nicholl Corporation's 2018 single-step income statement, statement of retained earnings, and balance sheet. 2. Nicholl's lenders require that the company maintain a debt ratio no higher than 0.50. Calculate Nicholl's debt ratio at December 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. Print Done
Nicholl Corporation Adjusted Trial Balance December 31, 2018 Account Cash Accounts receivable Supplies Prepaid rent Equipment Accumulated depreciation-equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Debit 18,000 19,100 2,300 1,200 36,800 $ Credit 4,700 9,600 900 1,050 2,200 19,000
Common stock Retained earnings Dividends Service revenue Depreciation expense-equipment Salary expense Rent expense Interest expense Insurance expense Supplies expense Income tax expense Total $ 19,000 2,900 93,250 4,000 1,800 40,600 11,000 3,500 4,100 2,800 7,400 152,600 $ 152,600