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The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 3 1 , 2 0 Y 9

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: Cash 10,880
Accounts Receivable 23,680
Supplies 3,700
Prepaid Insurance 7,990
Land 84,000
Buildings 303,000
Accumulated Depreciation-Buildings 98,600
Equipment 219,000
Accumulated Depreciation-Equipment 128,400
Accounts Payable 28,010
Salaries Payable 2,780
Unearned Rent 1,260
Common Stock 126,000
Retained Earnings 233,890
Dividends 21,000
Service Fees 399,420
Rent Revenue 4,220
Salaries Expense 286,340
Depreciation Expense-Equipment 15,500
Rent Expense 13,000
Supplies Expense 9,210
Utilities Expense 8,330
Depreciation Expense-Buildings 5,550
Repairs Expense 4,590
Insurance Expense 2,520
Miscellaneous Expense 4,290
Total 1,022,5801,022,580
Required:
1. Prepare an income statement.
The Gorman Group
Income Statement
For the Year Ended October 31,20Y9
Line Item Description Amount Amount
Revenues:
$fill in the blank 2
fill in the blank 4
Total revenues $fill in the blank 5
Expenses:
$fill in the blank 7
fill in the blank 9
fill in the blank 11
fill in the blank 13
fill in the blank 15
fill in the blank 17
fill in the blank 19
fill in the blank 21
fill in the blank 23
Total expenses fill in the blank 24
$fill in the blank 26
Prepare a statement of stockholders equity. During the year, no additional Common stock was issued. If an amount box does not require an entry, leave it blank. If a Net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.
The Gorman Group
Statement of Stockholders Equity
For the Year Ended October 31,20Y9
Line Item Description Common Stock Retained Earnings Total
$fill in the blank 28
$fill in the blank 29
$fill in the blank 30
fill in the blank 32
fill in the blank 33
fill in the blank 34
fill in the blank 36
fill in the blank 37
fill in the blank 38
$fill in the blank 40
$fill in the blank 41
$fill in the blank 42
Prepare a balance sheet.
The Gorman Group
Balance Sheet
October 31,20Y9
Assets
Current assets:
$fill in the blank 44
fill in the blank 46
fill in the blank 48
fill in the blank 50
Total current assets $fill in the blank 51
Property, plant, and equipment:
$fill in the blank 53
$fill in the blank 55
fill in the blank 57
fill in the blank 59
$fill in the blank 61
fill in the blank 63
fill in the blank 65
Total property, plant, and equipment fill in the blank 66
Total assets $fill in the blank 67
Liabilities
Current liabilities:
$fill in the blank 69
fill in the blank 71
fill in the blank 73
Total liabilities $fill in the blank 74
Stockholders' Equity
$fill in the blank 76
fill in the blank 78
Total stockholders' equity fill in the blank 79
Total liabilities and stockholders' equity $fill in the blank 80
2. Journalize the entries that were required to close the accounts at October 31. If an amount box does not require an entry, leave it blank.
Date Account Debit Credit
20Y9 Oct. 31
fill in the blank 82
fill in the blank 83
fill in the blank 85
fill in the blank 86
fill in the blank 88
fill in the blank 89
fill in the blank 91
fill in the blank 92
fill in the blank 94
fill in the blank 95
fill in the blank 97
fill in the blank 98
fill in the blank 100
fill in the blank 101
fill in the blank 103
fill in the blank 104
fill in the blank 106
fill in the blank 107
fill in the blank 109
fill in the blank 110
fill in the blank 112
fill in the blank 113
fill in the blank 115
fill in the blank 116
20Y9 Oct. 31
fill in the blank 118
fill in the blank 119
fill in the blank 121
fill in the blank 122
3. If the balance of Retained earnings had instead increased $29,400 after the closing entries were posted, and the dividends remained the same, what would have been the amount of Net income or Net loss? Enter all amounts as positive numbers.
fill in the blank 1 of 2$
fill in the blank 2 of 2

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