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 GroupEnd-of-Period SpreadsheetFor the Year Ended October 31, 20Y9AdjustedAdjustedTrial Balance Trial BalanceDr.Cr.Account TitleCashAccounts ReceivableSuppliesPrepaid InsuranceLandBuildingsAccumulated Depreciation-BuildingsEquipmentAccumulated Depreciation-EquipmentAccounts PayableSalaries PayableUnearned RentCommon StockRetained EarningsDividendsService FeesRent RevenueSalaries ExpenseDepreciation Expense-EquipmentRent ExpenseSupplies ExpenseUtilities ExpenseDepreciation Expense-BuildingsRepairs ExpenseInsurance ExpenseMiscellaneous Expense14,49031,5504,93010,650112,000403,000291,00028,000381,53020,70017,40012,28011,0907,4006,1103,3505,7201,361,200131,300171,10037,3203,7001,680167,000311,290532,1905,6201,361,200 Required:1. Prepare an income statement.Revenues:Insurance expenseTotal revenuesExpenses:Total expensesThe Gorman GroupIncome StatementFor the Year Ended October 31, 20Y9$

Answered: the end of the fiscal year, the…

the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, art of which follows:

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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