Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2049, 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, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash $11,940 Accounts Receivable 25,980 Supplies 4,060 Prepaid Insurance 8,770 Land 92,000 Buildings 332,000 Accumulated Depreciation-Buildings 108,200 Equipment 240,000 Accumulated Depreciation Equipment 140,900 Accounts Payable 30,730 Salaries Payable 3,050 Unearned Rent 1,380 Common Stock 138,000 Retained Earnings 256,120 Dividends 23,100 Service Fees 438,280 Rent Revenue 4,630 Salaries Expense 314,200 Depreciation Expense-Equipment 17,100 Rent Expense 14,300 Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 10,110 9,140 6,090 5,030 2,760 4,710 1,121,290 1,121,290 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 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. The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 2019 Common stock Retained earnings Total Prepare a balance sheet. Prepare a balance sheet. The Gorman Group Balance Sheet October 31, 2019 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 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. 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. Date Account Debit Credit 20Y9 Oct. 31 20Y9 Oct. 31 II 3. If the balance of Retained earnings had instead increased $32,300 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