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 $15,050 Accounts Receivable 32,770 Supplies 5,120 Prepaid Insurance 11,060 Land 116,000 Buildings 419,000 Accumulated Depreciation-Buildings 136,400 Equipment 303,000 Accumulated Depreciation-Equipment 177,700 Accounts Payable 38,760 Salaries Payable 3,840 Unearned Rent 1,740 Common Stock 174,000 Retained Earnings 323,580 Dividends 29,100 Service Fees 552,700 Rent Revenue 5,840 Salaries Expense 396,240 Depreciation Expense-Equipment 21,500 Rent Expense 18,000 Supplies Expense 12,750 Utilities Expense 11,520 Depreciation Expense-Buildings 7,680 Repairs Expense 6,350 Insurance Expense 3,480 Miscellaneous Expense 5,940 1,414,560 1,414,560 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. If the balance of Retained earnings had instead increased $40,700 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.
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 $15,050 Accounts Receivable 32,770 Supplies 5,120 Prepaid Insurance 11,060 Land 116,000 Buildings 419,000 Accumulated Depreciation-Buildings 136,400 Equipment 303,000 Accumulated Depreciation-Equipment 177,700 Accounts Payable 38,760 Salaries Payable 3,840 Unearned Rent 1,740 Common Stock 174,000 Retained Earnings 323,580 Dividends 29,100 Service Fees 552,700 Rent Revenue 5,840 Salaries Expense 396,240 Depreciation Expense-Equipment 21,500 Rent Expense 18,000 Supplies Expense 12,750 Utilities Expense 11,520 Depreciation Expense-Buildings 7,680 Repairs Expense 6,350 Insurance Expense 3,480 Miscellaneous Expense 5,940 1,414,560 1,414,560 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. If the balance of Retained earnings had instead increased $40,700 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.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter3: The Basics Of Record Keeping And Financial Statement Preparation: Income Statement
Section: Chapter Questions
Problem 20P
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Question
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 |
||
Account Title | Dr. | Cr. |
Cash | $15,050 | |
Accounts Receivable | 32,770 | |
Supplies | 5,120 | |
Prepaid Insurance | 11,060 | |
Land | 116,000 | |
Buildings | 419,000 | |
136,400 | ||
Equipment | 303,000 | |
Accumulated Depreciation-Equipment | 177,700 | |
Accounts Payable | 38,760 | |
Salaries Payable | 3,840 | |
Unearned Rent | 1,740 | |
Common Stock | 174,000 | |
323,580 | ||
Dividends | 29,100 | |
Service Fees | 552,700 | |
Rent Revenue | 5,840 | |
Salaries Expense | 396,240 | |
Depreciation Expense-Equipment | 21,500 | |
Rent Expense | 18,000 | |
Supplies Expense | 12,750 | |
Utilities Expense | 11,520 | |
Depreciation Expense-Buildings | 7,680 | |
Repairs Expense | 6,350 | |
Insurance Expense | 3,480 | |
Miscellaneous Expense | 5,940 | |
1,414,560 | 1,414,560 |
If the balance of Retained earnings had instead increased $40,700 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.
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