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

1. Prepare an income statement 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.

Prepare a balance sheet.

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. 3. If the balance of Retained earnings had instead increased $48,200 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.

Financial Statements and Closing Entries spreadsheet, part of which follows: Required: 1. Prepare an income statement. that amount as a negative number using a minus sign. \begin{tabular}{|c|c|} \hline The Gorman Group \\ Statement of Stockholders' Equity \\ For the Year Ended October 31, 20Y9 \\ \hline Common stock Retained earnings \end{tabular} Prepare a balance sheet. all amounts as positive numbers