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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 40
Financial statements and closing entries
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2016, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:
Instructions
1. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet.
2. Journalize the entries that were required to close the accounts at October 31.
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
The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 2016, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:
Instructions
1. Prepare an income statement, a statement of owner's equity (no additional investments were made during the year), and a balance sheet.
2. Journalize the entries that were required to close the accounts at October 31.
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
Explanation
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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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