Financial Statements and Closing Entries The German Group is a financial planning wervices firm owned and operated by Nicole Gormon. As of October 31, 2017, the end of the fiscal year, the accountant for The Gorman Group prepared an end-ef.period spreadsheet part of which follows: The German Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cath $16.880 Accounts Receivable 36.740 Supplies 5,740 Prepaid Insurance 12,400 Land 130,000 Building 470,000 Accumulated Deprecaturing 152.000 Foment 339,000 Accumulated Depreciation Equement 199 200 Accounts Paya 43.450 Salaries Payable 4,310 Uneamed rent 1.950 Common Stock 195.000 Retained Earnings 362.400 Dividends 32,600 Service Fees 619,630 Rent Revenge 6.540 Salaries Expo 444,220 Depreciation Expense Equipment 24.100 Rent perse 20,200 Cr. For the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cash $16,880 Accounts Receivable 36,740 Supplies 5,740 Prepaid Insurance 12,400 Land 130,000 Buildings 470,000 Accumulated Depreciation-Buildings 152,900 Equipment 339,000 Accumulated Depreciation-Equipment 199,200 Accounts Payable 43,450 Salaries Payable 4,310 Unearned Rent 1,950 Common Stock 195,000 Retained Earnings 362,400 Dividends 32,600 Service Fees 619,630 Rent Revenue 6,540 Salaries Expense 444,220 Depreciation Expense-Equipment 24,100 Rent Expense 20,200 Supplies Expense 14,290 Utilities Expense 12,920 Depreciation Expense-Buildings 8,610 Repairs Expense 7,120 Insurance Expense 3,900 Miscellaneous Expense 6,660 1,585,380 1,585,380 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2019 Revenues: Total revenues Expenses: Total expenses Prepare a statement of stockholders' equity. During the year, no dia Common stock washed. If an amount box does not require an entry leave it bank if a Netloss is incurred or dividends were in that amount as a negative number using a The Gorman Group Statement of Stockholders' quity For the Year Ended October 31, 2015 Common stock Retained earning Total TIL Prepare a balance sheet The Gorman Group Balance Sheet October 31, 2017 Assets Current sets Labs Totaltabit Total current asset Party, and equiment Stockhode touty Total property, plant, and coulment Total Total stockholders Totalbies and stockholders equity 2. Journalize the entries that were required to close the accounts at October 31:17 amount or does not require an entry, leave it blank Date Account Debit Credit 2010 Oct. 31 2010 Oct. 31 3.1 the balance of Retained earnings had tead increased 45,600 her the lengtes were posted, and the dividends remained the same, what would Have been the amount of Net Income Ne Enter Mamounts the numbers