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 $17,700
Accounts Receivable 38,530
Supplies 6,020
Prepaid Insurance 13,000
Land 137,000
Buildings 493,000
Accumulated Depreciation-Buildings 160,400
Equipment 356,000
Accumulated Depreciation-Equipment 208,900
Accounts Payable 45,570
Salaries Payable 4,520
Unearned Rent 2,050
Common Stock 205,000
Retained Earnings 380,780
Dividends 34,200
Service Fees 649,860
Rent Revenue 6,860
Salaries Expense 465,890
Depreciation Expense-Equipment 25,300
Rent Expense 21,200
Supplies Expense 14,990
Utilities Expense 13,550
Depreciation Expense-Buildings 9,030
Repairs Expense 7,460
Insurance Expense 4,090
Miscellaneous Expense 6,980
1,663,940 1,663,940
Required:
1. Prepare an income statement.
Prepare a statement of owner's equity (no additional investments were made during the year.)
Prepare a balance sheet.
2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank.
3. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the closing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss?

Income Statement

Revenue

Expenses:

Net income                                                          $88,230

Statement of owner's equity

Beginning common stock                      $205,000

Beginning retained earnings                 $380,780

Net income                                               $88,230      

Subtotal                                                    $674,010

Dividends                                                ($34,200)

Ending balance common stock             $205,000

Ending balance retained earnings         $434,810

Dr Income summary 656,720

    Cr Service Fees 649,860

    Cr Rent Revenue 6,860

Dr Salaries Expense 465,890

Dr Depreciation Expense 34,330

Dr Rent Expense 21,200

Dr Supplies Expense 14,990

Dr Utilities Expense 13,550

Dr Repairs Expense 7,460

Dr Insurance Expense 4,090

Dr Miscellaneous Expense 6,980

    Cr Income summary 568,490

Dr Retained earnings 88,230

    Cr Income summary 88,230

Dr Dividends 34,200

    Cr Retained earnings 34,200

Net loss = $60,970      

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