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?

Lo.2, 3, 9 lori, who is single, purchased 5-years class property for $200,00 and 7-years class property for $420,000 on may 20, 2018. lori experts the taxable income derived form the business (without regard to the amount expensed under ⧠179) to be about $550,000. lori has determined that she should elect immediate ⧠179 expensing in the amount of $520,000, but she doesn’t know which asset she should completely expense under ⧠179. she does not claim any available additional first-year depreciation. a. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 5-year class asset. b. determine lori’s total cost recovery deduction if the ⧠179 expense is first taken with respect to the 7-year class asset. c. what is your advice for lori? d. assume that lori is in the 24% marginal tax bracket and that she uses ⧠179 on the 7-year asset. determine the present value of the tax savings from the depreciation deductions for both assets. see appendix g for present value factors, and assume a 6% discount rate. e. assume the same facts as in part (d), except that lori decides not to use ⧠179 on either asset. determine the present value of the tax savings under this choice. in addition, determine which option lori should choose. f. present your solution to parts (d) and (e) of the problem in a spreadsheet using appropriate microsoft excel formulas. e-mail your spreadsheet to your instructor with a two-paragraph summary of your findings.

At which stage would you introduce your product to the market at large? a. development stage b. market testing stage c. commercialization stage d. ideation stage

Hours to produce one unit worker hours to produce yarn country a 8 hours country b 4 hours worker hours to produce fabric counrty a 12 hours country b 13 hours additional worker hours to produce fabric instead of yarn country a ? country b? which of the follow is true of the trade relationship between country a and country b? country a has an absolute advantage in producing yarn and fabric country b has an absolute advantage in producing yarn and fabric country b has a comparative advantage to country a in producing fabric country a has a comparative advantage to country b in producing fabric