The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y9, 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, 20Y9
	Adjusted Trial Balance
Account Title	Dr.	Cr.
Cash	$15,580
Accounts Receivable	33,920
Supplies	5,300
Prepaid Insurance	11,450
Land	120,000
Buildings	434,000
Accumulated Depreciation-Buildings		141,200
Equipment	313,000
Accumulated Depreciation-Equipment		183,900
Accounts Payable		40,120
Salaries Payable		3,980
Unearned Rent		1,800
Common Stock		180,000
Retained Earnings		334,740
Dividends	30,100
Service Fees		572,140
Rent Revenue		6,040
Salaries Expense	410,170
Depreciation Expense-Equipment	22,300
Rent Expense	18,700
Supplies Expense	13,200
Utilities Expense	11,930
Depreciation Expense-Buildings	7,950
Repairs Expense	6,570
Insurance Expense	3,600
Miscellaneous Expense	6,150
	1,463,920	1,463,920

. Prepare an income statement.

Prepare a statement of owner's equity (no additional investments were made during the year.)

Prepare a balance sheet.

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.

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?

Pure 21, 2018 ANG TE LETO