Financial Statements and Closing Entries The Gorman Group is a financial planning accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: services firm owned and operated by Nicole Gorman. As of October 31, 2018, the end of the fiscal year, the The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial Balance Account Title Cash Accounts Receivable Supplies Prepaid Insurance Dr. Cr. $16,290 35,460 5,540 11,970 126,000 453,000 s Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends 147,600 327,000 192,200 41,940 4,160 1,880 188,000 349,800 31,500 etdined Earnings Dividends Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 31,500 598,040 6,320 428,740 23,300 19,500 13,790 12,470 8,310 6,870 3,770 6,430 1,529,940 1,529,940 Required: 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2018 Revenues: Income Statement For the Year Ended October 31, 2018 Revenues: Total Revenues Expenses Total Expenses Net income Prepare a Retained Earnings Statement. The Gorman Group Retained Earnings Statement For the Year Ended October 31, 2018 October 31, 2018 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 plank. Account Debit Credit Date 2018 Oct. 31 Close revenues Oct. 31 Close expenses Oct. 31 Close income/loss Oct. 31 Close dividends 3. If Retained Earnings had instead decreased $44,000 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 Net Loss V Check My Work