Review the account balances for Gorman Group for their fiscal year-end as of Oct 31 below. What is the net income for the company? 1. 2. 3. The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2016 4 Adjusted Trial Balance 6 Account Title Dr. Cr. 7. 8 Cash 9 Accounts Receivable 10 Supplies 11 Prepaid Insurance 12 Land 13 Buildings 14 Accumulated Depreciation-Buildings 15 Equipment 16 Accumulated Depreciation-Equipment 17 Accounts Payable 18 Salaries Payable 19 Uneaned Rent 20 Common Stock 21 Retained Earnings 22 Dividends 23 Service Fees 24 Rent Revenue 25 Salaries Expense 26 Depreciation Expense-Equipment 27 Rent Expense 28 Supplies Expense 29 Utilities Expense 30 Depreciation Expense-Buildings 31 Repairs Expense 32 Insurance Expense 33 Miscellaneous Expense 11,000 28,150 6,350 9,500 75,000 250.000 117.200 240,000 151,700 33,300 3,300 1,500 25,000 195,000 20,000 468,000 5,000 291,000 17,500 15,500 9,000 8,500 6,600 3,450 3,000 5,450 1,000,000 34 1.000,000

Review the account balances for Gorman Group for their fiscal year-end as of Oct 31 below. What is the net income for the company? 1. 2. 3. The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2016 4 Adjusted Trial Balance 6 Account Title Dr. Cr. 7. 8 Cash 9 Accounts Receivable 10 Supplies 11 Prepaid Insurance 12 Land 13 Buildings 14 Accumulated Depreciation-Buildings 15 Equipment 16 Accumulated Depreciation-Equipment 17 Accounts Payable 18 Salaries Payable 19 Uneaned Rent 20 Common Stock 21 Retained Earnings 22 Dividends 23 Service Fees 24 Rent Revenue 25 Salaries Expense 26 Depreciation Expense-Equipment 27 Rent Expense 28 Supplies Expense 29 Utilities Expense 30 Depreciation Expense-Buildings 31 Repairs Expense 32 Insurance Expense 33 Miscellaneous Expense 11,000 28,150 6,350 9,500 75,000 250.000 117.200 240,000 151,700 33,300 3,300 1,500 25,000 195,000 20,000 468,000 5,000 291,000 17,500 15,500 9,000 8,500 6,600 3,450 3,000 5,450 1,000,000 34 1.000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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