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the selcted boxes are based around other chegg posts, not certain at all and there are gaps in options offered. Please help! Financial Statements and
the selcted boxes are based around other chegg posts, not certain at all and there are gaps in options offered. Please help!
Financial Statements and Olosing Entries 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 yeac, the accountant for The Goman Group prepared an end-of-period spreadsheet, part of which follows: Accumulated Depreciation-Buildings Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Uneamed Rent Common Stock Retained Eamings Dividends Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 152,900 339,000 199,200 43,450 4,310 1,950 195,000 362,400 619,630 6,540 444,220 24,100 20,200 14,290 12,920 8,610 7,120 3,900 The Gorman Group Balance Sheet October 31,20Yg Assets Current assets: \begin{tabular}{l} Cash Accounts receivable \\ \hline \end{tabular} Supplies Prepaid insurance Total current assets Property, plant, and equipment: Land Buildings Accumulated depreciation-buildings Book value-buildings Equipment Accumulated depreciation-equipment Book value-equipment Total property, plant, and equipment Total assets Liabilities Current liabilities: Total property, plant, and equipment 3. If the balance of Retained eamings had instead increased 545,500 after the dosing entries were posted, and the dividends cemained the same, what wou'd have been the amount of Net incorne or Net loss? Enter all amounts as positive numbers
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