Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, 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 11.000 Accounts Receivable Suple 75.000 250,000 Land Buildings Acceder Equiment Accued Doment 117,200 240,000 Series Payable Urnede Nicole Gorman, Can recole Germen, Drawing Service Fees 151,700 33.300 2.300 2.500 220.000 20,000 8.000 1.000 29.000 Series e Depreciations- ante 15.300 9,000 sene Deprecates E-Buding Reine Expen Insurance Expense Miscellaneous 6.600 2450 1,000 1.000.000 1.000.000 Required: 1. Prepare an income statement The Gorman Group Income Statement For the Year Ended October 31, 2019 Module Homework 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2019 Total Prepare a statement of owner's equity (no additional investments were made during the year). The Gorman Group Statement of Owner's Equity For the Year Ended October 1, 2019 Prepare a balance sheet. The Gorman Group Balance Sheet October 31, 2019 Liabilities Assets Current Total That Module Momework Prepare a balance sheet. The Gorman Group Balance Sheet October 31, 2019 Assets Liabilities Owner's Equity Turent tu 2. Joumalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank. Date loa al 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