ebook Print them Financial Statements and closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2043, 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, 20Y3 Adjusted Trial Balance Account Title Dr. Cr. Cash 18,230 Accounts Receivable 39,680 Supplies 6,200 Prepaid Insurance 13,390 Land 141,000 Buildings 507,000 Accumulated Depreciation-Buildings 165,200 Equipment 366,000 Accumulated Depreciation Equipment 215,100 Accounts Payable 46,930 Salaries Payable 4,650 Unearned Rent 2,110 Nicole Gorman, Capital 601,760 Nicole Gorman, Draw 35,200 Service Fees 669,290 Rent Revenue 7,070 Salaries Expense 479,820 Depreciation Expense -- Equipment 26,000 Rent Expense 21,800 Supplies Expense 15,440 Utilities Expense 13,950 Depreciation Expense --Buildings 9,300 word eBook Print Item 9,300 Depreciation Expense--Buildings Repairs Expense Insurance Expense Miscellaneous Expense 7,690 4,220 7,190 1,712,110 1,712,110 Required: 1. Prepare an income statement. Gorman Group Income Statement For the Year Ended October 31, 20Y3 Revenues: Total revenues Expenses: Total expenses Net income Prepare a statement of owner's equity (no additional Investments were made during the year) CengageNOWV2 Online Teaching and learning resource from Cengage Learning Langage Learning eBook Print Item Gorman Group Statement of Owner's Equity For the Year Ended October 31, 2093 Prepare a balance sheet Gorman Group Balance Sheet October 31, 2013 Assets Labilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Owner's Equity Total property, plant, and equipment Total assets Total abilities and owner's equity 2. Journalize the entries that were required to close the accounts at October 31. If an amount box does not require an entry, leave it blank Debit Credit Date Account Oct. 31 Oct. 31 3. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the closing entries were posted and the withdrawals remained the same what would have been the amount of net income or net loss