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:

The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9

Account Title	Adjusted Trial Balance Dr.	Adjusted Trial Balance Cr.
Cash	17,900
Accounts Receivable	38,980
Supplies	6,090
Prepaid Insurance	13,150
Land	138,000
Buildings	498,000
Accumulated Depreciation-Buildings		162,200
Equipment	360,000
Accumulated Depreciation-Equipment		211,300
Accounts Payable		46,100
Salaries Payable		4,570
Unearned Rent		2,070
Common Stock		207,000
Retained Earnings		384,180
Dividends	34,600
Service Fees		657,420
Rent Revenue		6,940
Salaries Expense	471,310
Depreciation Expense-Equipment	25,600
Rent Expense	21,400
Supplies Expense	15,160
Utilities Expense	13,700
Depreciation Expense-Buildings	9,140
Repairs Expense	7,550
Insurance Expense	4,140
Miscellaneous Expense	7,060
Total	1,681,780	1,681,780

Required:

1. Prepare an income statement.

The Gorman Group Income Statement For the Year Ended October 31, 20Y9

Line Item Description	Amount	Amount
Revenues:
Common stockInsurance expenseMiscellaneous expenseService feesSupplies expense	$fill in the blank 2
Rent expenseRent revenueRepairs expenseUnearned rentUtilities expense	fill in the blank 4
Total revenues		$fill in the blank 5
Expenses:
BuildingsCashRent revenueSalaries expenseSalaries payable	$fill in the blank 7
Accumulated depreciation-equipmentCommon stockDepreciation expense-equipmentEquipmentLand	fill in the blank 9
Accounts payableRent expenseRent revenueService feesUnearned rent	fill in the blank 11
Accounts receivableCommon stockRent revenueSuppliesSupplies expense	fill in the blank 13
Common stockRent revenueService feesUnearned rentUtilities expense	fill in the blank 15
Accumulated depreciation-buildingsBuildingsDepreciation expense-buildingsEquipmentLand	fill in the blank 17
Accounts payableCommon stockRent revenueRepairs expenseSalaries payable	fill in the blank 19
Accounts receivableCashInsurance expensePrepaid insuranceRent revenue	fill in the blank 21
Accumulated depreciation-buildingsBuildingsMiscellaneous expenseService feesUnearned rent	fill in the blank 23
Total expenses		fill in the blank 24
Net incomeNet loss		$fill in the blank 26

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, 20Y9

Line Item Description	Common Stock	Retained Earnings	Total
Balances, November 1, 20Y8Balances, October 31, 20Y9DividendsNet incomeNet loss	$fill in the blank 28	$fill in the blank 29	$fill in the blank 30
Balances, November 1, 20Y8Balances, October 31, 20Y9Change in retained earningsNet incomeNet loss	fill in the blank 32	fill in the blank 33	fill in the blank 34
Balances, November 1, 20Y8Balances, October 31, 20Y9DividendsNet incomeNet loss	fill in the blank 36	fill in the blank 37	fill in the blank 38
Balances, November 1, 20Y8Balances, October 31, 20Y9DividendsNet incomeNet loss	$fill in the blank 40	$fill in the blank 41	$fill in the blank 42

Prepare a balance sheet.

The Gorman Group Balance Sheet October 31, 20Y9

Assets
Current assets:
Accounts payableCashCommon stockSalaries payableUnearned rent		$fill in the blank 44
Accounts payableAccounts receivableCommon stockSalaries payableUnearned rent		fill in the blank 46
Common stockSalaries payableSuppliesSupplies expenseUtilities expense		fill in the blank 48
Accumulated depreciation-buildingsEquipmentInsurance expensePrepaid insuranceUnearned rent		fill in the blank 50
Total current assets			$fill in the blank 51
Property, plant, and equipment:
Accounts receivableCashLandService feesSupplies		$fill in the blank 53
Accounts payableAccumulated depreciation-buildingsBuildingsCommon stockDepreciation expense-buildings	$fill in the blank 55
Accounts payableAccumulated depreciation-buildingsCashCommon stockDepreciation expense	fill in the blank 57
Accounts payableBook value-buildingsCashCommon stockDepreciation expense		fill in the blank 59
Accounts payableCommon stockDepreciation expense-equipmentEquipmentUnearned rent	$fill in the blank 61
Accounts payableAccumulated depreciation-equipmentCashDepreciation expensePrepaid insurance	fill in the blank 63
Accounts payableBook value-equipmentCashDepreciation expensePrepaid insurance		fill in the blank 65
Total property, plant, and equipment			fill in the blank 66
Total assets			$fill in the blank 67
Liabilities
Current liabilities:
Accounts payableAccounts receivableBuildingsCommon stockPrepaid insurance		$fill in the blank 69
Accounts receivableRent revenueRepairs expenseSalaries expenseSalaries payable		fill in the blank 71
Accounts receivableAccumulated depreciation-buildingsPrepaid rentRent revenueUnearned rent		fill in the blank 73
Total liabilities			$fill in the blank 74
Stockholders' Equity
CashCommon stockLandService feesSupplies		$fill in the blank 76
CashLandRetained earningsService feesSupplies		fill in the blank 78
Total stockholders' equity			fill in the blank 79
Total liabilities and stockholders' equity			$fill in the blank 80

NEED ASAP PLEASE