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.

Transcribed Image Text:

SARAH SILK, REGISTERED DIETICIAN Trial Balance July 31, 2017 Balance Credit Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accounts Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense Utilities Expense Total Debit 30,000 9,700 2,200 2,700 20,000 S 3,400 5,192 25,000 26,000 2,500 9,858 1,300 800 250 69,450 S 69,450