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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 13,880
Accounts Receivable 30,210
Supplies 4,720
Prepaid Insurance 10,200
Land 89,000
Buildings 319,000
Accumulated Depreciation-Buildings 103,900
Equipment 230,000
Accumulated Depreciation-Equipment 135,300
Accounts Payable 29,520
Salaries Payable 2,930
Unearned Rent 1,330
Nicole Gorman, Capital 378,780
Nicole Gorman, Drawing 22,200
Service Fees 421,010
Rent Revenue 4,450
Salaries Expense 301,820
Depreciation Expense—Equipment 16,400
Rent Expense 13,700
Supplies Expense 9,710
Utilities Expense 8,780
Depreciation Expense—Buildings 5,850
Repairs Expense 4,840
Insurance Expense 2,650
Miscellaneous Expense 4,520
1,077,220 1,077,220
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.
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?
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