{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-22T06:09:28-04:00", "answer_date": "2024-05-22 06:09:28", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1497372", "url": "\/study-help\/questions\/the-gorman-group-is-a-financial-planning-services-firm-owned-1497372", "question_creation_date_js": "2024-05-22T06:09:28-04:00", "question_creation_date": "May 22, 2024 06:09 AM", "meta_title": "[Solved] The Gorman Group is a financial planning | SolutionInn", "meta_description": "Answer of - The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, th | SolutionInn", "meta_keywords": "gorman,group,financial,planning,services,firm,owned,operated,nicole,october,31,2019", "question_title_h1": " The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, the end of the", "question_title": " The Gorman Group is a financial planning services firm owned and", "question_title_for_js_snippet": "The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman As of October 31, 2019, 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, 2019 Adjusted Adjusted Trial Balance Trial Balance Cr Account Title Dr Cash 14,490 Accounts Receivable 31,550 Supplies 4,930 Prepaid Insurance 10,650 Land 112,000 Buildings 403,000 Accumulated Depreciation Buildings 131,300 Equipment 291,000 Accumulated Depreciation Equipment 171,100 Accounts Payable 37,320 Salaries Payable 3,700 Unearned Rent 1,680 Common Stock 167,000 Retained Earnings 311,290 Dividends 28,000 Service Fees 532,190 Rent Revenue 5,620 Salaries Expense 381,530 Depreciation Expense Equipment 20,700 Rent Expense 17,400 Supplies Expense 12,280 Utilities Expense 11,090 Depreciation Expense Buildings 7,400 Repairs Expense 6,110 3,350 Insurance Expense Miscellaneous Expense 5,720 1,361,200 1,361,200 Required Required 1 Prepare an income statement Revenues Insurance expense Total revenues Expenses Total expenses The Gorman Group Income Statement For the Year Ended October 31, 20Y9 Prepare a statement of stockholders' equity During the year, no additional Common stock was issued If an amount bo as a negative number using a minus sign The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 20Y9 Common Stock Retained Earnings Total Prepare a balance sheet Current assets Assets The Gorman Group Balance Sheet October 31, 2019 Total current assets Property, plant, and equipment Total property, plant, and equipment Total assets Current liabilities Total liabilities Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 2 Journalize the entries that were required to dese the accounts at October 31 If an amount box does not require an entry, leave it blank, Date 2019 Oct 31 29 31 Account Debit Credit 3 If the balance of Retained eamings had instead increased $39,200 after the dosing entries were posted, and the dividends remained the same, what would have been the amount of Net income or hiet lose Enter all amounts as podtive numbers", "question_description": "\"image\"image\"image\"image\"image\"image", "transcribed_text": "The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, 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, 2019 Adjusted Adjusted Trial Balance Trial Balance Cr. Account Title Dr. Cash 14,490 Accounts Receivable 31,550 Supplies 4,930 Prepaid Insurance 10,650 Land 112,000 Buildings 403,000 Accumulated Depreciation-Buildings 131,300 Equipment 291,000 Accumulated Depreciation-Equipment 171,100 Accounts Payable 37,320 Salaries Payable 3,700 Unearned Rent 1,680 Common Stock 167,000 Retained Earnings 311,290 Dividends 28,000 Service Fees 532,190 Rent Revenue 5,620 Salaries Expense 381,530 Depreciation Expense-Equipment 20,700 Rent Expense 17,400 Supplies Expense 12,280 Utilities Expense 11,090 Depreciation Expense-Buildings 7,400 Repairs Expense 6,110 3,350 Insurance Expense Miscellaneous Expense 5,720 1,361,200 1,361,200 Required: Required: 1. Prepare an income statement. Revenues: Insurance expense Total revenues Expenses: Total expenses The Gorman Group Income Statement For the Year Ended October 31, 20Y9 Prepare a statement of stockholders' equity. During the year, no additional Common stock was issued. If an amount bo as a negative number using a minus sign. The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 20Y9 Common Stock Retained Earnings Total Prepare a balance sheet. Current assets: Assets The Gorman Group Balance Sheet October 31, 2019 Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Current liabilities: Total liabilities Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 2. Journalize the entries that were required to dese the accounts at October 31. If an amount box does not require an entry, leave it blank, Date 2019 Oct. 31 29.31 Account Debit Credit 3. If the balance of Retained eamings had instead increased $39,200 after the dosing entries were posted, and the dividends remained the same, what would have been the amount of Net income or hiet lose? Enter all amounts as podtive numbers", "related_book": { "title": "The Company Valuation Playbook Invest With Confidence", "isbn": "1838470816, 978-1838470814", "edition": "1st Edition", "authors": "Charles Sunnucks", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2024\/01\/659e8d7741ff1_719659e8d773d380.jpg", "uri": "\/textbooks\/the-company-valuation-playbook-invest-with-confidence-1st-edition-978-1838470814-187563", "see_more_uri": "" }, "free_related_book": { "isbn": "1119386047", "uri": "\/textbooks\/respatialising-finance-power-politics-and-offshore-renminbi-market-making-in-london-1st-edition-978-1119386049-261045", "name": "Respatialising Finance Power Politics And Offshore Renminbi Market Making In London", "edition": "1st Edition" }, "question_posted": "2024-05-22 06:09:28", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/what-does-it-mean-that-flame-is-nonluminous-it-is-390977", "description": "What does it mean that flame is non-luminous it is yellow it is invisible It has a very bright blue inner cone it is dark", "stars": 3.5 }, { "url": "\/table-36-shows-that-the-axialequatorial-energy-difference-for-methyl", "description": "Table 3-6 shows that the axial-equatorial energy difference for methyl, ethyl, and isopropyl groups increases gradually: 7.6, 7.9, and 8.8 kJ mol (1.8, 1.9, and 2.1 kcal mol). 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