Financial Statements and Closing Entries

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:

Required:

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?
$

Johnson Company is preparing budgets for the upcoming quarter ending October 31st. The marketing director has provided the following information to the Budget Committee. Currently the company sells one product, the korda, for $25 per unit. Budgeted sales (in units) for the next five months are as follows:

• To minimize the risk of stockouts, the company has a policy to maintain an ending inventory of 18% of the following month’s budgeted sales. At the beginning of the quarter, the company had 7,500 units of korda in inventory.
• • Each unit of korda requires 2 kilograms of direct materials. The company has a policy that materials on hand at the end of each month must be a minimum of 20% of the following month’s production. At the beginning of the quarter, the company has 15,600 kilograms of direct materials on hand. Each kilogram of direct material costs $3.00.
• • Each unit of korda requires 0.2 hours (12 minutes) of direct labour. The company pays employees a standard wage of $15.00 per hour.
• • The company applies overhead on the basis of direct labour hours. The variable manufacturing overhead rate is $12.00 per direct labour hour. Fixed overhead is $81,978 per month.
• • The company has variable selling and administrative costs that are equal to $0.75 per unit sold. Fixed selling and administrative costs are estimated to be $100,000 per month.
• • All sales are made on account. The company collects 65% of the sales revenue in the month of the sale, and the remaining 35% in the month following the sale. At the start of the quarter, the company has $45,000 in accounts receivable that are deemed to be fully collectible.
• • As stated, the company pays $3.00 per kilogram of direct materials. The company pays for 70% the direct materials purchases in the month of the purchase and pays the remaining 30% in the month following the purchase. At the beginning of the month, the company owes $20,000 to creditors.

1. (A) Prepare a sales budget for August, September, and October, and for the quarter.
2. (B) Prepare a production budget for August, September, and October, and for the quarter-end. (Note: You should also compute November’s production needs. That information is necessary for section (C).)
3. (C) Prepare the direct materials purchases budget for August, September, and October, and for the quarter-end.
4. (D) Prepare the direct labour budget for August, September, and October, and for the quarter-end.

Financial Statements and Closing Entries

The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y3, the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, part of which follows:

Required:

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. 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?
$

The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:

The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $7,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.

Current assets as of September 1 include cash of $45,000, marketable securities of $64,000, and accounts receivable of $132,500 ($104,000 from July sales and $28,500 from August sales). Sales on account for July and August were $95,000 and $104,000, respectively. Current liabilities as of September 1 include $7,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $18,000 will be made in October. Bridgeport’s regular quarterly dividend of $7,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $44,000.

Required:

1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Assume 360 days per year for interest calculations.

2. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller?

The budget indicates that the minimum cash balance   be maintained in November. This situation can be corrected by   and/or by the   of the marketable securities, if they are held for such purposes. At the end of September and October, the cash balance will   the minimum desired balance.

Financial Statements and Closing Entries

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:

Required:

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?
$

complete all parts of the question thanks

Financial Statements and Closing Entries

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:

Required:

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?
$

please complete all parts of the question thanks

Financial Statements and Closing Entries

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:

Required:

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?
$

The mean capita income is 15,451 dollars per annum with a variance of 298,116.

What Is the probability that the sample mean would differ from the true mean by greater than 22 dollars if a sample of 350 persons is randomly selected? Round answer to dour decimal places.

1/

a/ How fast should a sound source move away from you if the frequency you perceive is equal to half the actual frequency?

b/ The speed of sound in the air is 350 m / s. What would you hear if this sound source approached you?

How would you comfort a parent whose infant had died from SIDS? Provide the name of a support group in your local area to assist parents and other family members who have lost a baby due to SIDS.

300-350 words