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Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, 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, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,320 Accounts Receivable 31,170 Supplies 4,870 Prepaid Insurance 10,520 Land 111,000 Buildings 398,000 Accumulated Depreciation-Buildings 129,700 Equipment 288,000 Accumulated Depreciation Equipment 169,000 Accounts Payable 36,870 Salaries Payable 3,650 Unearned Rent 1,660 Nicole Gorman, Capital 473,320 Nicole Gorman, Drawing 27,700 Service Fees 525,720 Check My Work more Check My Work uses remaining, Next 525,720 5,550 Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 376,890 20,500 17,100 12,130 10,960 7,310 6,040 3,310 5,650 1,345,470 1,345,470 Required: 1. Prepare an income statement. Check My Work 9 more Check My Work uses remaining Financial Statements and Closing Entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, 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, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash 14,320 Accounts Receivable 31,170 Supplies 4,870 Prepaid Insurance 10,520 Land 111,000 Buildings 398,000 Accumulated Depreciation-Buildings 129,700 Equipment 288,000 Accumulated Depreciation Equipment 169,000 Accounts Payable 36,870 Salaries Payable 3,650 Unearned Rent 1,660 Nicole Gorman, Capital 473,320 Nicole Gorman, Drawing 27,700 Service Fees 525,720 Check My Work more Check My Work uses remaining, Next 525,720 5,550 Service Fees Rent Revenue Salaries Expense Depreciation Expense-Equipment Rent Expense Supplies Expense Utilities Expense Depreciation Expense-Buildings Repairs Expense Insurance Expense Miscellaneous Expense 376,890 20,500 17,100 12,130 10,960 7,310 6,040 3,310 5,650 1,345,470 1,345,470 Required: 1. Prepare an income statement. Check My Work 9 more Check My Work uses remaining

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