I am having trouble on 4 questions. Looking for some help or guidance. On November 1 of the current year, Rob Elliot invested $30,500.00 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 $54,650.00 and total stockholders' equity of $39,785.00. Accounts Common Retained Fees Utilities Wages Rent Supplies Miscellaneous Cash Supplies Land Payable Stock Earnings Dividends Earned Expense Expense Expense Expense Expense ? $7,600.00 $16,000.00 ? ? $5,000.00 $5,500.00 $27,750.00 $6,375.00 ? $4,675.00 $1,250.00 $415.00 1) What is the amount reported for total liabilities and stockholders’ equity on December 31? Answer: $54,650 2) What is the retained earnings amount reported on December 31? Answer: $9,285 3) How much does GGE Enterprises Inc. owe to its creditors? Answer: ?? 4) How much cash is being held by GGE Enterprises Inc.? Answer: $31,050 5) By what amount did retained earnings increase or decrease during the period? Answer: $4,285 6) What is the amount of profit or loss during December? Answer: ?? 7) What were the total expenses for December? Answer: ?? 8) How much was paid for wages? Answer: ??

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I am having trouble on 4 questions. Looking for some help or guidance.

On November 1 of the current year, Rob Elliot invested $30,500.00 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 $54,650.00 and total stockholders' equity of $39,785.00.

			Accounts	Common	Retained		Fees	Utilities	Wages	Rent	Supplies	Miscellaneous
Cash	Supplies	Land	Payable	Stock	Earnings	Dividends	Earned	Expense	Expense	Expense	Expense	Expense
?	$7,600.00	$16,000.00	?	?	$5,000.00	$5,500.00	$27,750.00	$6,375.00	?	$4,675.00	$1,250.00	$415.00

1) What is the amount reported for total liabilities and stockholders’ equity on December 31? Answer: $54,650

2) What is the retained earnings amount reported on December 31? Answer: $9,285

3) How much does GGE Enterprises Inc. owe to its creditors? Answer: ??

4) How much cash is being held by GGE Enterprises Inc.? Answer: $31,050

5) By what amount did retained earnings increase or decrease during the period? Answer: $4,285

6) What is the amount of profit or loss during December? Answer: ??

7) What were the total expenses for December? Answer: ??

8) How much was paid for wages? Answer: ??

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