Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, 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, 2018 Adjusted Trial Balance Account Title Dr. Cr. Cash $11,500 Accounts Receivable 25,020 Supplies 3,910 Prepaid Insurance 8,450 Land 89,000 Buildings 320,000 Accumulated Depreciation-Buildings 104,200 Equipment 231,000 Accumulated Depreciation Equipment 135,700 Accounts Payable 29,600 Salaries Payable 2.930 Uneamed Rent 1,330 Common Stock 133,000 Retained Earnings 247,030 Dividends 22,200 Service Feet 422.00 TUOU 4,460 Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depredation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 302,590 16,400 13,800 9,740 8,800 5,870 4,850 2,660 4,540 1,080,330 1,080,330 Required: 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2018 Revenues Total Revenues Expenses Check My Work Income Statement Revenues: Total Revenues Expenses: Total Expenses Check My Work Total Expenses Net income Prepare a Retained Earnings Statement. The Gorman Group Retained Earnings Statement For the Year Ended October 31, 2018 Prepare a balance sheet. The Gor Balan Prepare a balance sheet. Balance Sheet October 11, 2018 Assets Liabilities Current assets: Current liabilities: Total liabilities Total current assets Property, plant, and equipment: Stockholders' Equity >>