Financial Statements and long The Gorman Croup a financial planning services firm owned and aperated by nicere Goeman. As of October 31, 2003, the end of the fach year, the accountant for The Corman Group prepared an endor period sorduret. Det of which follows: 330 The German Group End-of-Period Spreadsheet For the Year Ended October 31, 2013 Adjusted Trial Balance Account Title Dr. CF Cash 15,640 Accounts recevable 14.050 Supplies Premaid in 11,490 Lard 121,000 Buildings 435,000 Accumulated Depending 541,700 Equipment 314,000 Accumulated Depreciation Equipmen 164,600 Accounts Payable 40,270 Saare Payable 3,090 Linearned and 1,010 Nicole Gorman, Capital 516,200 Nico Goran Drawing 30,200 Service fees 574,290 Rent Rowen 6.060 Sales Expo 411.710 Depreciation Expertement 22,300 Rent Expense 18.700 Supples Expense 13,250 11,970 7,980 Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 6,600 3,620 6,170 1,469,000 1,469,000 Required: 1. Prepare an income statement. Gorman Group Income Statement For the Year Ended October 31, 20Y3 Revenues: Total revenues Expenses Total expenses Tocal expenses Net Income Prepare a statement of owner's equity (no additional investments were made on the year) Gorman Group Statement of Owner's Equity For the Year Ended October 31, 2013 Prepare a bol a balance sheet Gorman Group Balance Sheet October 31, 2013 Assets Lates Current Gument Total aces Total current acute Property, plant and equipment Owner's Equity Previous Next Total property, plant and equipment Total assets Total tables and owners equity 2. Journalue the entries that were required to close the accounts at October 31. If an amount box does not require an entry leave it bank Date Account Debit Credit Oct 31 Date Account Debit Credit Oct 31 Oct. 11 3. If the balance of Nicole Gorman, Capital de increased 5135.000 after the closing entries were posted and the with remained the same, what would save been the amount of net income or met loss? Previous Next >