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:
The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2018 |
||
Adjusted Trial Balance | ||
Account Title | Dr. | Cr. |
Cash | $13,580 | |
Accounts Receivable | 29,570 | |
Supplies | 4,620 | |
Prepaid Insurance | 9,980 | |
Land | 105,000 | |
Buildings | 378,000 | |
Accumulated Depreciation-Buildings | 123,100 | |
Equipment | 273,000 | |
Accumulated Depreciation-Equipment | 160,300 | |
Accounts Payable | 34,970 | |
Salaries Payable | 3,470 | |
Unearned Rent | 1,570 | |
Common Stock | 157,000 | |
Retained Earnings | 291,840 | |
Dividends | 26,200 | |
Service Fees | 498,730 | |
Rent Revenue | 5,270 | |
Salaries Expense | 357,540 | |
Depreciation Expense-Equipment | 19,400 | |
Rent Expense | 16,300 | |
Supplies Expense | 11,500 | |
Utilities Expense | 10,400 | |
Depreciation Expense-Buildings | 6,930 | |
Repairs Expense | 5,730 | |
Insurance Expense | 3,140 | |
Miscellaneous Expense | 5,360 | |
1,276,250 | 1,276,250 |
Required:
1. Prepare an income statement.
The Gorman Group Income Statement For the Year Ended October 31, 2018 |
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---|---|---|
Revenues: | ||
Total Revenues | ||
Expenses: | ||
Total Expenses | ||
Net income |
Prepare a Retained Earnings Statement.
The Gorman Group Retained Earnings Statement For the Year Ended October 31, 2018 |
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---|---|---|
Prepare a balance sheet.
The Gorman Group Balance Sheet October 31, 2018 |
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---|---|---|---|---|---|---|
Assets | Liabilities | |||||
Current assets: | Current liabilities: | |||||
Total liabilities | ||||||
Total current assets | ||||||
Property, plant, and equipment: | Stockholders' Equity | |||||
Total property, plant, and equipment | Total stockholders' equity | |||||
Total assets | Total liabilities and stockholders' equity |
2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if a box does not require an entry, leave it blank.
Date | Account | Debit | Credit |
---|---|---|---|
2018 | |||
Oct. 31 Close revenues | |||
Oct. 31 Close expenses | |||
Oct. 31 Close income/loss | |||
Oct. 31 Close dividends | |||
3. If Retained Earnings had instead decreased
$36,700 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.
$
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As...
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