Question: Pleaseeee help only if you can answer the whole thing Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned
Pleaseeee help only if you can answer the whole thing




Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y9, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land The Gorman Group End-of-Period Spreadsheet Accounts Payable. Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends For the Year Ended October 31, 20Y9 Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment 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. $13,230 28,800 4,500 9,720 102,000 368,000 266,000 25,600 348,260 18,900 15,800 11,210 10,130 6,750 5,580 3,060 5,220 1,242,760 119,900 156,200 34,070 3,380 1,530 153,000 283,770 485,780 5,130 1,242,760 1. Prepare an income statement. Revenues: Total revenues Expenses: Total expenses The Gorman Group Income Statement For the Year Ended October 31, 20Y9 Prepare a statement of stockholders' equity. During the year, no additional Common stock was issued. If an amount box does not require an entry, leave it blank. If a Net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 20Y9 Common stock Retained earnings Total 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, 2019 Liabilities Current liabilities: 2019 Oct. 31 Total liabilities Stockholders' Equity 2. Joumalize the entries that were required to close the accounts at October 31. If an amount box does not require an entry, leave it blank. Date Account Debit Credit 20Y9 Oct. 31 Total stockholders' equity Total liabilities and stockholders' equity 3. If the balance of Retained earnings had instead increased $35,800 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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