Question: Preparing financial statements from the trial balance and calculating the debt ratio The trial balance as of July 31, 2017, for Sarah Silk, Registered Dietician, is presented below:
Requirements: 1. Prepare the income statement for the month ended July 31, 2017.
2. Prepare the statement of retained earnings for the month ended July 31, 2017. The beginning balance of retained earnings was $0.
3. Prepare the balance sheet as of July 31, 2017.
4. Calculate the debt ratio as of July 31, 2017