The Gorman Group End-of-Period Spreadsheet
For the Year Ended October 31, 2019
Adjusted Trial Balance Account Title Dr. Cr.
Cash $18,230
Accounts Receivable 39,680
Supplies 6,200
Prepaid Insurance 13,390
Land 141,000
Buildings 507,000
Accumulated Depreciation-Buildings 165,200
Equipment 366,000
Accumulated Depreciation-Equipment 215,100
Accounts Payable 46,930
Salaries Payable 4,650
Unearned Rent 2,110
Nicole Gorman, Capital 601,760
Nicole Gorman, Drawing 35,200
Service Fees 669,290
Rent Revenue 7,070
Salaries Expense 479,820
Depreciation Expense - Equipment 26,000
Rent Expense 21,800
Supplies Expense 15,440
Utilities Expense 13,950
Depreciation Expense - Buildings 9,300
Repairs Expense 7,690
Insurance Expense 4,220
Miscellaneous Expense 7,190
1,712,110 1,712,110
Required:
1. a. Prepare an income statement.
b. Prepare a statement of owner's equity (no additional investments were made during the year.)
c. Prepare 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?

Sweeten company had no jobs in progress at the beginning of march and no beginning inventories. the company has two manufacturing departments--molding and fabrication. it started, completed, and sold only two jobs during march—job p and job q. the following additional information is available for the company as a whole and for jobs p and q (all data and questions relate to the month of march): molding fabrication total estimated total machine-hours used 2,500 1,500 4,000 estimated total fixed manufacturing overhead $ 10,000 $ 15,000 $ 25,000 estimated variable manufacturing overhead per machine-hour $ 1.40 $ 2.20 job p job q direct materials $ 13,000 $ 8,000 direct labor cost $ 21,000 $ 7,500 actual machine-hours used: molding 1,700 800 fabrication 600 900 total 2,300 1,700 sweeten company had no underapplied or overapplied manufacturing overhead costs during the month. required: for questions 1-8, assume that sweeten company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. for questions 9-15, assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. 1. what was the company’s plantwide predetermined overhead rate? (round your answer to 2 decimal places.) next

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