Business, 08.02.2021 18:50, quinnalbertson8643
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2019, 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, 2019Adjusted Trial BalanceAccount TitleDr. Cr. Cash$11,470Accounts Receivable24,960Supplies3,900Prepai d Insurance8,420Land89,000Buildings31 9,000Accumulated Depreciation-Buildings 103,900Equipment230,000Accumulated Depreciation-Equipment 135,300Accounts Payable 29,520Salaries Payable 2,930Unearned Rent 1,330Nicole Gorman, Capital 378,780Nicole Gorman, Drawing22,200Service Fees 421,010Rent Revenue 4,450Salaries Expense301,820Depreciation Expense—Equipment16,400Rent Expense13,700Supplies Expense9,710Utilities Expense8,780Depreciation Expense—Buildings5,850Repairs Expense4,840Insurance Expense2,650Miscellaneous Expense4,5201,077,2201,077,220Requi red:1. Prepare an income statement. Prepare a statement of owner's equity (no additional investments were made during the year.)Prepare a balance sheet.2. Journalize the entries that were required to close the accounts at October 31. For a compound transaction, if an amount box does not require an entry, leave it blank.3. If the balance of Nicole Gorman, Capital had instead increased $115,000 after the closing entries were posted and the withdrawals remained the same, what would have been the amount of net income or net loss?
Answers: 3
Business, 21.06.2019 21:00, cam6836
Case in point 2.4 attaway airlines, part two back at attaway airlines, the morning meeting ended with no agreement between dan esposito and molly kinnon. in fact, a new issue arose. molly now says that the new accounting system is entitled to the highest priority because the federal government soon will require the reporting of certain types of company-paid health insurance premiums. because the current system will not handle this report, she insists that the entire accounting system is a nondiscretionary project. as you might expect, dan is upset. can part of a project be nondiscretionary? what issues need to be discussed? the committee meets again tomorrow, and the members will look to you, as the it director, for guidance.
Answers: 1
Business, 21.06.2019 22:00, tylerineedhelp
The market yield on spice grills' bonds is 15%, and the firm's marginal tax rate is 33%. what is their shareholders' required return if the equity risk premium is 4%?
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Business, 22.06.2019 15:40, aroman4511
Rachel died in 2014 and her executor is finalizing her estate tax return. the executor has determined that rachel’s adjusted gross estate is $10,120,000 and that her estate is entitled to a charitable deduction in the amount of $500,000. using 2014 rates, calculate the estate tax liability for rachel’s estate.
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The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of Oc...
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