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The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y3 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,960 Accounts Receivable 32,580 Supplies 5,090 Prepaid Insurance 10,990 Land 116,000 Buildings 416,000 Accumulated Depreciation-Buildings 135,600 Equipment 301,000 Accumulated Depreciation-Equipment 176,600 Accounts Payable 38,530 Salaries Payable 3,820 Unearned Rent 1,730 Nicole Gorman, Capital 494,620 Nicole Gorman, Drawing 28,900 Service Fees 549,470 Rent Revenue 5,800 Salaries Expense 393,920 Depreciation Expense-Equipment 21,400 Rent Expense 17,900 Supplies Expense 12,670 Utilities Expense 11,450 Depreciation Expense-Buildings 7,640 Repairs Expense 6,310 Insurance Expense 3,460 Miscellaneous Expense 5,900 1,406,170 1,406,170 1. Prepare an income statement. Gorman Group Income Statement For the Year Ended October 31, 20Y3 Revenues: Service fees 549,470 Rent revenue 5,800 555,270 Total revenues 393,920 Expenses: Salaries expense Depreciation expense-equipment 21,400 Rent expense 17,900 Supplies expense 12,670 Utilities expense 11,450 Depreciation expense-buildings 7,640 6,310 Repairs expense Insurance expense Miscellaneous expense 3,460 5,900 480,650 Total expenses Net income 74,620 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, 2093 Nicole Gorman, capital, November 1, 20Y2 Net income for the year 494,620 74,620 Withdrawals 28,900 Increase in owner's equity Nicole Gorman, capital, October 31, 2023 Prepare a balance sheet Gorman Group Balance Sheet October 31, 20Y3 Assets Current assets: Cash Accounts receivable Supplies Prepaid insurance Total current assets Property, plant, and equipment: Land Buildings Less accumulated depreciation buildings Equipment 11 Less depreciation expense equipment Total property, plant, and equipment Total assets TO Liabilities Current liabilities: Accounts payable $ Salaries payable Unearned rent Total liabilities Owner's Equity Nicole Gorman, capital Total liabilities and owner's equity $ Date Account Debit Credit Oct. 31 Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense Nicole Gorman, Capital Oct 31 Nicole Gorman, Capital Nicole Gorman, Drawing 3. If the balance of 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? Net Income Working Capital and Current Ratio The following data (in thousands) were taken from recent financial statements of Under Armour, Inc.: December 31 Year 2 Year 1 Current assets $ 117,923 $85,929 Current liabilities 36,062 26,686 a. Compute the working capital and the current ratio as of December 31, Year 2 and Year 1. Enter working capital amounts in thousands of dollars, Round "current ratio answers to two decimal places. December 31 Year 2 Year 1 Working capital Current ratio b. What conclusions concerning the company's ability to meet its financial obligations can you draw from part (a)? Under Armour's working capital during Year 2. The current ratio in Year 2. Because Year 2's current ratio indicates a liquidity position, the short-term creditors concerned about receiving payment from Under Armour by s