Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i just need the amounts for 1-2 Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by
i just need the amounts for 1-2
Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman, As of October 31, 2069, the end of the focal 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, 2019 Account Title Cash Accounts Receivable Supplies Prepaid Insurance Land Buildings Accumulated Depreciation-Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained 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 Adjusted Trial Balance Dr. Cr. $11,640 25,340 3,960 8,550 90,000 324,000 105,500 234,000 137,400 29,980 2,970 1,350 135,000 249,660 22,500 427,480 510 306,460 16,600 13,900 9,860 8,910 5,940 4,910 2,690 4,590 1,093,850 1,093,850 1. Prepare an income statement. The Gorman Group Income Statement For the Year Ended October 31, 2019 Revenues: Total revenues Expenses: Total expenses Prepare a statement of stockholders' equity. During the year, no additional Common stock was issued. If an amount box 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, 2019 Common stock Retained earnings Total Prepare a balance sheet. The Garman Group Balance Sheet October 31, 2019 Assets Current assets: Liabilities Current abilities: Total abilities Total current assets Property, plant, and equipment: Stockholders' Equity Total stockholders equity Total property, plant, and equipment Total liabilities and stockholders equity Total assets 2. Journalize the entries that were required to close the accounts at October 31. If an amount box does not require an entry, leave it blank. Debit Total liabilities and Date Account 2079 Oct. 31 Credit 2019 Oct. 31 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started