The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019
	Adjusted Trial Balance
Account Title	Dr.	Cr.
Cash	$18,230
Accounts Receivable	39,680
Supplies	6,200
Prepaid Insurance	13,390
Land	141,000
Buildings	507,000
Accumulated Depreciation-Buildings		165,200
Equipment	366,000
Accumulated Depreciation-Equipment		215,100
Accounts Payable		46,930
Salaries Payable		4,650
Unearned Rent		2,110
Nicole Gorman, Capital		601,760
Nicole Gorman, Drawing	35,200
Service Fees		669,290
Rent Revenue		7,070
Salaries Expense	479,820
Depreciation ExpenseEquipment	26,000
Rent Expense	21,800
Supplies Expense	15,440
Utilities Expense	13,950
Depreciation ExpenseBuildings	9,300
Repairs Expense	7,690
Insurance Expense	4,220
Miscellaneous Expense	7,190
	1,712,110	1,712,110

Required:

1. Prepare an income statement.

Gorman Group Income Statement For the Year Ended October 31, 2019
Revenues:
	$
Total revenues		$
Expenses:
	$
Total expenses
Net income		$

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, 2019
		$
	$
		$

Prepare a balance sheet.

Gorman Group Balance Sheet October 31, 2019
Assets				Liabilities
Current assets:				Current liabilities:
		$			$
				Total liabilities		$
Total current assets			$
Property, plant, and equipment:				Owner's Equity
	$
Total property, plant, and building
Total assets			$	Total liabilities and owner's equity		$

2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank.

Date	Account	Debit	Credit
Oct. 31
Oct. 31

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? $