Financial statements and closing entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gonnan. As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows: 11eb79a5_98a3_d301_bf8a_a17779e4acfc_SM1598_00 Instructions 1. Prepare an income statement, a retained earnings statement, and a balance sheet. 2. Journalize the entries that were required to close the accounts at October 31. 3. If the balance of Retained Earnings had instead increased $115,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?

Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac

النسخة 14الرقم المعياري الدولي: 978-1305653535

Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac

النسخة 14الرقم المعياري الدولي: 978-1305653535

تمرين 45

Financial statements and closing entries
The Gorman Group is a financial planning services firm owned and operated by Nicole Gonnan. As of October 31, 2018, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:

Instructions
1. Prepare an income statement, a retained earnings statement, and a balance sheet.
2. Journalize the entries that were required to close the accounts at October 31.
3. If the balance of Retained Earnings had instead increased $115,000 after the closing entries were posted, and the dividends remained the same, what would have been the amount of net income or net loss?

التوضيح

موثّق

Accounting Cycle
Using the spreadsheet,...