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: The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 Adjusted Trial Balance Account Title Dr. Cr. Cash $15,050 Accounts Receivable 32,770 Supplies 5,120 Prepaid Insurance 11,060 Land 116,000 Buildings 419,000 Accumulated Depreciation-Buildings 136,400 Equipment 303,000 Accumulated Depreciation-Equipment 177,700 Accounts Payable 38,760 Salaries Payable 3,840 Unearned Rent 1,740 Common Stock 174,000 Retained Earnings 323,580 Dividends 29,100 Service Fees 552,700 Rent Revenue 5,840 Salaries Expense 396,240 Depreciation Expense-Equipment 21,500 Rent Expense 18,000 Supplies Expense 12,750 Utilities Expense 11,520 Depreciation Expense-Buildings 7,680 Repairs Expense 6,350 Insurance Expense 3,480 Miscellaneous Expense 5,940 1,414,560 1,414,560 Prepare an income statement. 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. Prepare a balance sheet.
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:
The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 20Y9 |
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Adjusted |
||
Account Title | Dr. | Cr. |
Cash | $15,050 | |
32,770 | ||
Supplies | 5,120 | |
Prepaid Insurance | 11,060 | |
Land | 116,000 | |
Buildings | 419,000 | |
136,400 | ||
Equipment | 303,000 | |
Accumulated Depreciation-Equipment | 177,700 | |
Accounts Payable | 38,760 | |
Salaries Payable | 3,840 | |
Unearned Rent | 1,740 | |
Common Stock | 174,000 | |
323,580 | ||
Dividends | 29,100 | |
Service Fees | 552,700 | |
Rent Revenue | 5,840 | |
Salaries Expense | 396,240 | |
Depreciation Expense-Equipment | 21,500 | |
Rent Expense | 18,000 | |
Supplies Expense | 12,750 | |
Utilities Expense | 11,520 | |
Depreciation Expense-Buildings | 7,680 | |
Repairs Expense | 6,350 | |
Insurance Expense | 3,480 | |
Miscellaneous Expense | 5,940 | |
1,414,560 | 1,414,560 |
Prepare an income statement.
Prepare a statement of
Prepare a balance sheet.
If the balance of Retained earnings had instead increased $40,700 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.
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