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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 $31,20$Y$9,$ 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 $31,20$ Y $9$

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$\backslash$table$[[$Depreciation Expense$-$Equipment,$16,000],[$Rent Expense,$13,400],[$Supplies Expense,$9,510],[$Utilities Expense,$],[$Depreciation Expense$-$Buildings,$],[$Repairs Expense,$8,600],[$Insurance Expense,$],[$Miscellaneous Expense,$5,730],[,]]$

Required:

Prepare an income statement.

The Gorman Group

Income Statement

For the Year Ended October $31,20$ Y$9$

Revenues:

Total revenues

Expenses: