Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land For the Year Ended October 31, 2018...

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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.

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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