Question

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2014, the end of the current fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet (work sheet), part of which is shown below.


Instructions
1. Prepare an income statement, a retained earnings statement, and a balance sheet.
2. Journalize the entries that were required to close the accounts at October 31.
3. If the balance of Retained Earnings had instead increased $115,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or netloss?


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  • CreatedFebruary 28, 2014
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