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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 Y the end of the fiscal year, the accountant for The Gorman Group prepared an endofperiod spreadsheet, part of which follows: Cash
Accounts Receivable
Supplies
Prepaid Insurance
Land
Buildings
Accumulated DepreciationBuildings
Equipment
Accumulated DepreciationEquipment
Accounts Payable
Salaries Payable
Unearned Rent
Common Stock
Retained Earnings
Dividends
Service Fees
Rent Revenue
Salaries Expense
Depreciation ExpenseEquipment
Rent Expense
Supplies Expense
Utilities Expense
Depreciation ExpenseBuildings
Repairs Expense
Insurance Expense
Miscellaneous Expense
Total
Required:
Prepare an income statement.
The Gorman Group
Income Statement
For the Year Ended October Y
Line Item Description Amount Amount
Revenues:
$fill in the blank
fill in the blank
Total revenues $fill in the blank
Expenses:
$fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
Total expenses fill in the blank
$fill in the blank
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 Y
Line Item Description Common Stock Retained Earnings Total
$fill in the blank
$fill in the blank
$fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
fill in the blank
$fill in the blank
$fill in the blank
$fill in the blank
Prepare a balance sheet.
The Gorman Group
Balance Sheet
October Y
Assets
Current assets:
$fill in the blank
fill in the blank
fill in the blank
fill in the blank
Total current assets $fill in the blank
Property, plant, and equipment:
$fill in the blank
$fill in the blank
fill in the blank
fill in the blank
$fill in the blank
fill in the blank
fill in the blank
Total property, plant, and equipment fill in the blank
Total assets $fill in the blank
Liabilities
Current liabilities:
$fill in the blank
fill in the blank
fill in the blank
Total liabilities $fill in the blank
Stockholders' Equity
$fill in the blank
fill in the blank
Total stockholders' equity fill in the blank
Total liabilities and stockholders' equity $fill in the blank
Journalize the entries that were required to close the accounts at October If an amount box does not require an entry, leave it blank.
Date Account Debit Credit
Y Oct.
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Y Oct.
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If the balance of Retained earnings had instead increased $ 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 of $
fill in the blank of
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