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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, 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 $17,140 Accounts Receivable 37,310 Supplies 5,830 Prepaid Insurance 12,590 Land 133,000 Buildings 477,000 Accumulated Depreciation-Buildings Equipment 344,000 Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Rent Common Stock Retained Earnings Dividends 33,100 Service Fees Rent Revenue Salaries Expense 451,180 Depreciation Expense-Equipment 24,500 Rent Expense 20,500 Supplies Expense 14,520 Utilities Expense 13,120 Depreciation Expense-Buildings 8,750 Repairs Expense 7,230 Insurance Expense 3,960 Miscellaneous Expense 6,760 1,610,490 155,300 202,300 44,130 4,370 1,980 198,000 368,410 629,350 6,650 1,610,490 Prepare a balance sheet. Assets Current assets: Cash Accounts receivable Supplies Prepaid insurance Total current assets Property, plant, and equipment: Land Buildings Accumulated depreciation-buildings Book value-buildings Equipment Accumulated depreciation equipment Book value-equipment Total property, plant, and equipment Total assets 477,000 155,300 17,140 37,310 5,830 12,590 133,000 477,000 155,300 17,140 37,310 5,830 12,590 133,000 The Gorman Group Balance Sheet October 31, 20Y9 Liabilities Current liabilities: Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 72,870 up 19 liabilities: bilities ders' Equity ckholders' equity pilities and stockholders' equity 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. The Gorman Group Statement of Stockholders' Equity For the Year Ended October 31, 20Y9 Common stock Retained earnings Total Balances, November 1, 20Y8 198,000 $368,410 566,410 Net income 85,480 85,480 Dividends -33,100 -33,100 Balances, October 31, 20Y9 198,000 420,790 618,790

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