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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 10.00

Gorman Group

Financial statements and closing entries

 

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2014, the end of the current fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet (work sheet), part of which is shown below.

 

The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2014
 

Adjusted
 

Trial Balance

Account Title

Dr.

Cr.
     

Cash

11,000

  

Accounts Receivable

28,150

  

Supplies

6,350

  

Prepaid Insurance

9,500

  

Land

75,000

  

Buildings

250,000

  

Accumulated Depreciation—Buildings

117,200

Equipment

240,000

  

Accumulated Depreciation—Equipment

151,700

Accounts Payable

  

33,300

Salaries Payable

  

3,300

Unearned Rent

  

1,500

Capital Stock

  

25,000

Retained Earnings

  

195,000

Dividends

20,000

  

Service Fees

  

468,000

Rent Revenue

  

5,000

Salaries Expense

291,000

  

Depreciation Expense—Equipment

17,500

  

Rent Expense

15,500

  

Supplies Expense

9,000

  

Utilities Expense

8,500

  

Depreciation Expense—Buildings

6,600

  

Repairs Expense

3,450

  

Insurance Expense

3,000

  

Miscellaneous Expense

5,450

  
 

1,000,000

1,000,000

 

Instructions

 

  1. Prepare an income statement, a retained earnings statement, and a balance sheet.
  2. Journalize the entries that were required to close the accounts at October 31.

If the balance of Retained Earnings had instead increased $115,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 10:09 PM My Price 10.00

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