Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gormen. As of October 31, 2013,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gormen. As of October 31, 2013, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: Cr. The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2013 Adjusted Trial Balance Account Title Dr. Casts 14,790 Accounts Receivable 32,190 Supplies 5,030 Prepaid Insurance 10,860 Land 114,000 Buildings 412,000 Accumulated Depreciation-Buildings 134,000 Equipment 297,000 Accumulated Depreciation-Equipment 174,500 Accounts Payable 38,080 Salaries Payable 3,770 Unearned Rent 1,710 I 488,640 Nicole Gorman, Capital Nicole Gorman, Drawing Service Fees 28,600 542,990 5,730 Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 389,270 21,100 17,700 12,520 11,320 7,550 6,240 3,420 5,830 1,389,420 1,389,420 Gorman Group Income Statement For the Year Ended October 31, 20Y3 Revenues: Total revenues Expenses: Total expenses Net Income Prepare a statement of owner's equity (no additional Investments were made during the year). Gorman Group Statement of Owner's Equity For the Year Ended October 31, 2013 Balance Sheet October 31, 2013 Assets Liabilities Current assets Current liabilities: Total abilities Total current assets Property, plant, and equipment: Owner's Equity . Total property, plant, and equipment Total assets Total liabilities and owner's equity Date Account Debit Credit Oct. 31 Oct. 31 3. Ir the balance or 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting College Version

Authors: Steven M. Bragg

1st Edition

1938910702, 978-1938910708

More Books

Students also viewed these Accounting questions

Question

Describe global employee and labor relations practices.

Answered: 1 week ago