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The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October $31,20$Y$9,$ the end of the fiscal year, the accountant for The Gorman Group prepared an end$-$of$-$period spreadsheet, part of which follows: Cash $10,880$

Accounts Receivable $23,680$

Supplies $3,700$

Prepaid Insurance $7,990$

Land $84,000$

Buildings $303,000$

Accumulated Depreciation$-$Buildings $98,600$

Equipment $219,000$

Accumulated Depreciation$-$Equipment $128,400$

Accounts Payable $28,010$

Salaries Payable $2,780$

Unearned Rent $1,260$

Common Stock $126,000$

Retained Earnings $233,890$

Dividends $21,000$

Service Fees $399,420$

Rent Revenue $4,220$

Salaries Expense $286,340$

Depreciation Expense$-$Equipment $15,500$

Rent Expense $13,000$

Supplies Expense $9,210$

Utilities Expense $8,330$

Depreciation Expense$-$Buildings $5,550$

Repairs Expense $4,590$

Insurance Expense $2,520$

Miscellaneous Expense $4,290$

Total $1,022,5801,022,580$

Required:

$1.$ Prepare an income statement.

The Gorman Group

Income Statement

For the Year Ended October $31,20$Y$9$

Line Item Description Amount Amount

Revenues:

$fill in the blank $2$

fill in the blank $4$

Total revenues $fill in the blank $5$

Expenses:

$fill in the blank $7$

fill in the blank $9$

fill in the blank $11$

fill in the blank $13$

fill in the blank $15$

fill in the blank $17$

fill in the blank $19$

fill in the blank $21$

fill in the blank $23$

Total expenses fill in the blank $24$

$fill in the blank $26$

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 $31,20$Y$9$

Line Item Description Common Stock Retained Earnings Total

$fill in the blank $28$

$fill in the blank $29$

$fill in the blank $30$

fill in the blank $32$

fill in the blank $33$

fill in the blank $34$

fill in the blank $36$

fill in the blank $37$

fill in the blank $38$

$fill in the blank $40$

$fill in the blank $41$

$fill in the blank $42$

Prepare a balance sheet.

The Gorman Group

Balance Sheet

October $31,20$Y$9$

Assets

Current assets:

$fill in the blank $44$

fill in the blank $46$

fill in the blank $48$

fill in the blank $50$

Total current assets $fill in the blank $51$

Property, plant, and equipment:

$fill in the blank $53$

$fill in the blank $55$

fill in the blank $57$

fill in the blank $59$

$fill in the blank $61$

fill in the blank $63$

fill in the blank $65$

Total property, plant, and equipment fill in the blank $66$

Total assets $fill in the blank $67$

Liabilities

Current liabilities:

$fill in the blank $69$

fill in the blank $71$

fill in the blank $73$

Total liabilities $fill in the blank $74$

Stockholders' Equity

$fill in the blank $76$

fill in the blank $78$

Total stockholders' equity fill in the blank $79$

Total liabilities and stockholders' equity $fill in the blank $80$

$2.$ Journalize the entries that were required to close the accounts at October $31.$ If an amount box does not require an entry, leave it blank.

Date Account Debit Credit

$20$Y$9$ Oct. $31$

fill in the blank $82$

fill in the blank $83$

fill in the blank $85$

fill in the blank $86$

fill in the blank $88$

fill in the blank $89$

fill in the blank $91$

fill in the blank $92$

fill in the blank $94$

fill in the blank $95$

fill in the blank $97$

fill in the blank $98$

fill in the blank $100$

fill in the blank $101$

fill in the blank $103$

fill in the blank $104$

fill in the blank $106$

fill in the blank $107$

fill in the blank $109$

fill in the blank $110$

fill in the blank $112$

fill in the blank $113$

fill in the blank $115$

fill in the blank $116$

$20$Y$9$ Oct. $31$

fill in the blank $118$

fill in the blank $119$

fill in the blank $121$

fill in the blank $122$

$3.$ If the balance of Retained earnings had instead increased $$29,400$ 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.

fill in the blank $1$ of $2$$

fill in the blank $2$ of $2$

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