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GGE Enterprises Inc. On November 1 of the current year, Rob Elliot invested $30,000.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $56,900.00 and total stockholders' equity of $38,445.00. Cash ? Supplies $8,850.00 Land $16,500.00 Accounts Common Payable Stock ? ? Fees Retained Wages Rent Earnings Dividends Earned Expense Expense $5,000.00 $6,000.00 $27,250.00 $6,400.00 ? 1. What is the amount reported for total liabilities and stockholders' equity on December 31? 2. What is the retained earnings amount reported on December 31? 3. How much does GGE Enterprises Inc. owe to its creditors? 4. How much cash is being held by GGE Enterprises Inc.? 5. By what amount did retained earnings increase or decrease during the period? 6. What is the amount of profit or loss during December? 7. What were the total expenses for December? 8. How much was paid for rent? Review the following questions. Place an 'X' in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement. Balance Sheet Statement Income Retained Earnings -------- □□□□□□冈冈 Statement Supplies Expense $4,575.00 $1,235.00 00000000 $ $ $ $ $ $ $ Utilities Expense Miscellaneous Expense $370.00 Amount

GGE Enterprises Inc. On November 1 of the current year, Rob Elliot invested $30,000.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $56,900.00 and total stockholders' equity of $38,445.00. Cash ? Supplies $8,850.00 Land $16,500.00 Accounts Common Payable Stock ? ? Fees Retained Wages Rent Earnings Dividends Earned Expense Expense $5,000.00 $6,000.00 $27,250.00 $6,400.00 ? 1. What is the amount reported for total liabilities and stockholders' equity on December 31? 2. What is the retained earnings amount reported on December 31? 3. How much does GGE Enterprises Inc. owe to its creditors? 4. How much cash is being held by GGE Enterprises Inc.? 5. By what amount did retained earnings increase or decrease during the period? 6. What is the amount of profit or loss during December? 7. What were the total expenses for December? 8. How much was paid for rent? Review the following questions. Place an 'X' in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement. Balance Sheet Statement Income Retained Earnings -------- □□□□□□冈冈 Statement Supplies Expense $4,575.00 $1,235.00 00000000 $ $ $ $ $ $ $ Utilities Expense Miscellaneous Expense $370.00 Amount

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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GGE Enterprises Inc. On November 1 of the current year, Rob Elliot invested $30,000.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $56,900.00 and total stockholders' equity of $38,445.00. Cash ? Supplies $8,850.00 Land $16,500.00 Accounts Common Payable Stock ? ? Retained Fees Wages Earnings Dividends Earned Expense $5,000.00 $6,000.00 $27,250.00 $6,400.00 1. What is the amount reported for total liabilities and stockholders' equity on December 31? 2. What is the retained earnings amount reported on December 31? 3. How much does GGE Enterprises Inc. owe to its creditors? 4. How much cash is being held by GGE Enterprises Inc.? 5. By what amount did retained earnings increase or decrease during the period? 6. What is the amount of profit or loss during December? 7. What were the total expenses for December? 8. How much was paid for rent? X Review the following questions. Place an 'X' in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement. Balance Sheet Income Retained Earnings Statement X X X X Rent Expense ? X Statement Supplies Expense $4,575.00 $1,235.00 Utilities Expense X $ $ $ Miscellaneous Expense $370.00 Amount X
Transcribed Image Text:GGE Enterprises Inc. On November 1 of the current year, Rob Elliot invested $30,000.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. After all transactions have been entered into the accounting equation for the month of December, the ending balances for selected items on December 31 follow. On that date, the financial statements were prepared. The balance sheet reported total assets of $56,900.00 and total stockholders' equity of $38,445.00. Cash ? Supplies $8,850.00 Land $16,500.00 Accounts Common Payable Stock ? ? Retained Fees Wages Earnings Dividends Earned Expense $5,000.00 $6,000.00 $27,250.00 $6,400.00 1. What is the amount reported for total liabilities and stockholders' equity on December 31? 2. What is the retained earnings amount reported on December 31? 3. How much does GGE Enterprises Inc. owe to its creditors? 4. How much cash is being held by GGE Enterprises Inc.? 5. By what amount did retained earnings increase or decrease during the period? 6. What is the amount of profit or loss during December? 7. What were the total expenses for December? 8. How much was paid for rent? X Review the following questions. Place an 'X' in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement. Balance Sheet Income Retained Earnings Statement X X X X Rent Expense ? X Statement Supplies Expense $4,575.00 $1,235.00 Utilities Expense X $ $ $ Miscellaneous Expense $370.00 Amount X
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