Financial Statements and Closing Entries 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 $17,670 Accounts Receivable 38,460 Supplies 6,010 Prepaid Insurance 12,980 Land 137,000 Buildings 492,000 Accumulated Depreciation-Buildings 160,100 Equipment 355,000 Accumulated Depreciation-Equipment 208,500 Accounts Payable 45,500 Salaries Payable 4,510 Unearned Rent 2,040 Common Stock 205,000 Retained Earnings 379,460 Dividends 34,100 Service Fees 648,780 Rent Revenue 6,850 Salaries Expense 465,110 Depreciation Expense-Equipment 25,200 Rent Expense 21,200 Supplies Expense 14,960 Utilities Expense 13,520 Depreciation Expense-Buildings 9,020 Repairs Expense 7,450 Insurance Expense 4,090 Miscellaneous Expense 6,970 1,660,740 1,660,740
Financial Statements and Closing Entries 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 $17,670 Accounts Receivable 38,460 Supplies 6,010 Prepaid Insurance 12,980 Land 137,000 Buildings 492,000 Accumulated Depreciation-Buildings 160,100 Equipment 355,000 Accumulated Depreciation-Equipment 208,500 Accounts Payable 45,500 Salaries Payable 4,510 Unearned Rent 2,040 Common Stock 205,000 Retained Earnings 379,460 Dividends 34,100 Service Fees 648,780 Rent Revenue 6,850 Salaries Expense 465,110 Depreciation Expense-Equipment 25,200 Rent Expense 21,200 Supplies Expense 14,960 Utilities Expense 13,520 Depreciation Expense-Buildings 9,020 Repairs Expense 7,450 Insurance Expense 4,090 Miscellaneous Expense 6,970 1,660,740 1,660,740
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...
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Financial Statements and Closing Entries
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 | $17,670 | |
Accounts Receivable | 38,460 | |
Supplies | 6,010 | |
Prepaid Insurance | 12,980 | |
Land | 137,000 | |
Buildings | 492,000 | |
160,100 | ||
Equipment | 355,000 | |
Accumulated Depreciation-Equipment | 208,500 | |
Accounts Payable | 45,500 | |
Salaries Payable | 4,510 | |
Unearned Rent | 2,040 | |
Common Stock | 205,000 | |
Retained Earnings | 379,460 | |
Dividends | 34,100 | |
Service Fees | 648,780 | |
Rent Revenue | 6,850 | |
Salaries Expense | 465,110 | |
Depreciation Expense-Equipment | 25,200 | |
Rent Expense | 21,200 | |
Supplies Expense | 14,960 | |
Utilities Expense | 13,520 | |
Depreciation Expense-Buildings | 9,020 | |
Repairs Expense | 7,450 | |
Insurance Expense | 4,090 | |
Miscellaneous Expense | 6,970 | |
1,660,740 | 1,660,740 |
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