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 $15,460 Accounts Receivable 33,660 Supplies 5,260 Prepaid Insurance 11,360 Land 120,000 Buildings 430,000 Accumulated Depreciation-Buildings 140,100 Equipment 311,000 Accumulated Depreciation-Equipment 182,500 Accounts Payable 39,820 Salaries Payable 3,950 Unearned Rent 1,790 Common Stock 179,000 Retained Earnings 332,360 Dividends 29,900 Service Fees 567,820 Rent Revenue 6,000 Salaries Expense 407,070 Depreciation Expense-Equipment 22,100 Rent Expense 18,500 Supplies Expense 13,100 Utilities Expense 11,840 Depreciation Expense-Buildings 7,890 Repairs Expense 6,520 Insurance Expense 3,580 Miscellaneous Expense 6,100 1,453,340 1,453,340 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