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Financial Statements and Closing Entries

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:

The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2018
	Adjusted Trial Balance
Account Title	Dr.	Cr.
Cash	$11,730
Accounts Receivable	25,540
Supplies	3,990
Prepaid Insurance	8,620
Land	91,000
Buildings	326,000
Accumulated Depreciation-Buildings		106,300
Equipment	236,000
Accumulated Depreciation-Equipment		138,500
Accounts Payable		30,200
Salaries Payable		2,990
Unearned Rent		1,360
Common Stock		136,000
Retained Earnings		251,750
Dividends	22,700
Service Fees		430,720
Rent Revenue		4,550
Salaries Expense	308,790
Depreciation Expense-Equipment	16,800
Rent Expense	14,000
Supplies Expense	9,940
Utilities Expense	8,980
Depreciation Expense-Buildings	5,990
Repairs Expense	4,950
Insurance Expense	2,710
Miscellaneous Expense	4,630
	1,102,370	1,102,370

Required:

1. Prepare an income statement.

The Gorman Group Income Statement For the Year Ended October 31, 2018
Revenues:
Total Revenues
Expenses:
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.

The Gorman Group Balance Sheet October 31, 2018
Assets				Liabilities
Current assets:				Current liabilities:
				Total liabilities
Total current assets
Property, plant, and equipment:				Stockholders' Equity
Total property, plant, and equipment				Total stockholders' equity
Total assets				Total liabilities and stockholders' equity

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.

Date	Account	Debit	Credit
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 $31,700 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. $