Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land For the Year Ended October 31, 2018...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land For the Year Ended October 31, 2018 Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense Adjusted Trial Balance Dr. Cr. $12,410 27,010 4,220 9,120 96,000 345,000 249,000 24,000 326,590 17,700 14,900 10,510 9,500 6,330 5,230 2,870 4,900 1,165,290 112,400 146,400 31,950 3,170 1,430 143,000 266,580 455,550 4,810 1,165,290 1. Prepare an income statement. Revenues: Total Revenues Expenses: The Gorman Group Income Statement For the Year Ended October 31, 2018 Total Expenses Net income Prepare a Retained Earnings Statement. The Gorman Group Retained Earnings Statement For the Year Ended October 31, 2018 Prepare a balance sheet. Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets The Gorman Group Balance Sheet October 31, 2018 Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 11 2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if a box does not require an entry, leave it blank. Account Debit Credit Date 2018 Oct. 31 Close revenues Oct. 31 Close expenses Oct. 31 Close income/loss Oct. 31 Close dividends 3. If Retained Earnings had instead decreased $33,500 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? Enter all amounts as positive numbers. Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land For the Year Ended October 31, 2018 Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense Adjusted Trial Balance Dr. Cr. $12,410 27,010 4,220 9,120 96,000 345,000 249,000 24,000 326,590 17,700 14,900 10,510 9,500 6,330 5,230 2,870 4,900 1,165,290 112,400 146,400 31,950 3,170 1,430 143,000 266,580 455,550 4,810 1,165,290 1. Prepare an income statement. Revenues: Total Revenues Expenses: The Gorman Group Income Statement For the Year Ended October 31, 2018 Total Expenses Net income Prepare a Retained Earnings Statement. The Gorman Group Retained Earnings Statement For the Year Ended October 31, 2018 Prepare a balance sheet. Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets The Gorman Group Balance Sheet October 31, 2018 Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 11 2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if a box does not require an entry, leave it blank. Account Debit Credit Date 2018 Oct. 31 Close revenues Oct. 31 Close expenses Oct. 31 Close income/loss Oct. 31 Close dividends 3. If Retained Earnings had instead decreased $33,500 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss? Enter all amounts as positive numbers.
Expert Answer:
Answer rating: 100% (QA)
I see that you have provided images of various financial statements needing preparation an income statement a retained earnings statement and a balance sheet along with a task about journalizing closi... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Posted Date:
Students also viewed these accounting questions
-
It is end of February, and company A has just purchased 10,000 barrels of crude oil at a price of $45 per barrel. Say A chooses to hbdge its crude oil position using April futures, currently trading...
-
A computer shop owner buys one computer unit with P30,000 down payment and 8 deferred semi-annual payments of P5,000 each, starting three years from today. a. Draw a cash flow diagram for the buyer's...
-
Hernandez Company expects January credit sales to be $100,000. Cash sales are expected to be $60,000. The company expects cash and credit sales to increase 10% for the month of February. Credit sales...
-
Maria is opposed to the idea of same-sex marriage. In a recent conversation in the school cafeteria, Maria argues, "If homosexuals are allowed to marry, then why not allow polygamy or other kinds of...
-
Solve the diagram below for the unknown Q assuming a 10% interest rate. 3 2
-
Find the vertices, foci, and asymptotes of the hyperbola and sketch its graph. .2 ,2 1 64 36
-
Study the following financial statements for two very similar privately owned department stores which each comprise of one store in the city centre of a major UK city and then answer the questions...
-
Following are the amounts of the assets and liabilities of Oriental Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year. The retained earnings...
-
QUESTION 3 Patase Rural Bank has been in the banking business since 2000. Below is its profit and loss account for the year ended 2021. Interest income Commission received Other operating income...
-
Allen Blay owns 100% of the stock in AB Corporation, organized ten years ago in California. AB operates a foreign branch in Country A. In the current yea r, AB reports $500,000 of taxable income from...
-
Q.1 The force of attraction between the two particles is given by f = k(r2 ri) Vo where k is a constant, v, is a constant velocity, and r = |r2 - ri. Is the system conservative? Q.2 Examine whether...
-
Can you think of an example when you might have had negative assumptions, attitudes, or stereotypes of coworkers or fellow students because they appeared to be different from you? Do you still feel...
-
Identify the steps involved in the auditor's approach to verifying income statement balances.
-
Indicate the specific applicability of the audit objectives to revenue and expense balances.
-
www.fairemployment.sg/assets/Files/documents/Resources%20- 20 Tripartite%20Guidelines%20on%20FEP%20Booklet%20%28English%29.pdf Pledge Document. The pledge document can be found at http://www.sgem...
-
Evaluate revenue and expense balances in regard to materiality and audit risk.
-
Due to erratic sales of its sole product??a high-capacity batteryfor laptop computers??PEM, Incorporated, has been experiencingfinancial difficulty for some time. The company??s contributionform 2...
-
D Which of the following is considered part of the Controlling activity of managerial accounting? O Choosing to purchase raw materials from one supplier versus another O Choosing the allocation base...
-
A company reports the following: Sales $4,400,000 Average total assets (excluding long-term investments) 2,000,000 Determine the ratio of sales to assets.
-
Innerscape Interiors is owned and operated by Jackie Vargo, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates itsmajor account...
-
The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is as follows: The income statement for the year ended December 31, 2016, is as follows: Additional data obtained from an...
-
What is the source of financing for which the difference between financial cost and apparent cost is greatest?
-
Free subscription warrants are distributed to all the shareholders on a one-for-one basis. The value of each warrant is b. What is the value of the share after the warrant is detached, other things...
-
Will a company with ample growth opportunities tend to issue short-term, mediumterm or long-term debt? Why?
Study smarter with the SolutionInn App