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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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?
A
The Gorman Group
End-of-Period Spreadsheet
For the Year Ended October 31, 2016
Adjusted
Trial Balance
6 Account Title
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 Unearned 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
Dr.
Cr.
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
2345
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