Question
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, the end of the fiscal
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:
he Gorman Group End-ot-Period Spreadsheet For the Year Ended October 31, 2018 Adjusted Trial Balance Account Title Or. Cr. *1.000 Accounts Receivable 28,150 Supplies 6.360 Land 75,000 .Buiidings 250.000 Accumulated DepreciationBuildings 147.200 Equipment 240.006 AG Accumulated OeprecialionEcupment 151,700 48 Accounts Payatie 33.300 48 Salaries Payable 3,300 A) Uneamed Rent 1.500 Be, Common Stock 25,000 BY Retamed Earni: 19s 186,000 2 ONidends 20.000 Service Fees 46
The Gorman Group
End-et-Pertod Spreadsheet
For the Year Ended October 31, 2018
Cash :11000
Accounts Receivable:28150
Supplies :6360
Predad insurance : 9500
Land:75000
Buildings :250000
Accumulated Depreciation- Buildings :117200
Equipment :240000
Accumulated Depreciation -Equipment 151700
Accounts Payable 33300
Salaries Payable 3300
Unnamed Rent 1500
Common Stock 25000
Related Earnings 195000
Dividends 20000
Service Fees 468000
Rent Revenue 5000
Salaries Expense Depreciation Expense- Equipment 17500
Rent Expense 15500
Supplies Expense 9000
Utilities Expense 8500
Depreciation Expense--Buildings 6600
Repairs Expense 3450
Insurance Expense 3000
Miscellaneous Expense 5450
Prepare an income statement, a retained earnings statement, and a balance sheet.
Retained earnings doctor 31 : 288,000$
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