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W. Varement OLAR cornprogress false ebook Financial Statements and closing les The Gorman Group is a financial planning services firm owned and operated by Nicole
W. Varement OLAR cornprogress false ebook Financial Statements and closing les The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2009, the end of the fiscal year, the accountant for The Gorman Group prepared an end-o period spreadsheet part of which follows: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Dr. Adjusted Trial Balance Cr Account Title 12.760 Accounts Receivable 27,780 4,340 9,370 99,000 355.000 115,600 Supplies Prepaid Insurance Land Buildings Accumulated Depreciation Buildings Equipment Accumulated Depreciation Equipment Accounts Payable Salaries Payable 256,000 150.000 32.850 3,260 Unearned Rent 1,480 Common Stock 148,000 273,530 24,700 468,500 4,950 335,870 18,200 Retained Earnings 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 15,300 10,810 9,770 6,510 5,380 2,950 5,030 1,198,770 1,198,770 Required: 1. Prepare an income statement. Required: 1. Prepare an income statement The Gorman Group Income Statement For the Year Ended October 31, 2049 Revenues: Total revenues Expenses: INITO eBook Total expenses 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 Netloss is incurred or dividends were paid, enter that amount as a negative number using a minus sion. The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 2019 Common Stock Retained Earnings Total Prepare a balance sheet The Gorman Group Balance Sheet October 31, 2049 Assets Current assets: Total current assets Property, plant, and equipment: II II Total property, plant, and equipment Total assets Liabilities Current liabilities: Stockholders' Equity 10 Total stockholders' equity Total liabilities and stockholders' equity 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 2019 Oct. 31 TUTTO 2019 Oct. 31 3. If the balance of Retained earnings had instead increased $34,500 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
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