O I don’t know what I made wrong with this problem. I had to find out the missing amount and everything went perfect until I try to make the income statement. The balance sheet shows an retained earning Of $5000 However when I tried to make the income statement the result is diferent Feed earned 26250 Expenses Wage. 6475 Rent. 5275 Supplies 4650 Utilities 1310 Miscellaneous. 385 Total in expenses $18,095 Net income .$8155 It differs from the retained earning gave it to me in the problem
O I don’t know what I made wrong with this problem. I had to find out the missing amount and everything went perfect until I try to make the income statement. The balance sheet shows an retained earning Of $5000 However when I tried to make the income statement the result is diferent Feed earned 26250 Expenses Wage. 6475 Rent. 5275 Supplies 4650 Utilities 1310 Miscellaneous. 385 Total in expenses $18,095 Net income .$8155 It differs from the retained earning gave it to me in the problem
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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O
I don’t know what I made wrong with this problem. I had to find out the missing amount and everything went perfect until I try to make the income statement. The balance sheet shows an retained earning
Of $5000
However when I tried to make the income statement the result is diferent
Feed earned 26250
Expenses
Wage. 6475
Rent. 5275
Supplies 4650
Utilities 1310
Miscellaneous. 385
Total in expenses $18,095
Net income .$8155
It differs from the retained earning gave it to me in the problem
Transcribed Image Text:LEGO
Homewenc P. 2/10
Assets
Eputy
Supp Lond
660
7600 6000
iability
Accat
Payable
Cosh
Stock
Earmings
Dividend
fees
cavned
Gvase
expen
lent
exp
Suppl
Util.
3000
23600
ep.
30000
30000
5600
-sS00
26250
- 6475
- 5275
-4650
ー)310
385
5000
- 5500
tuya
26259
-6475
-SZ75
+4650
- 1310
-6605
31050 7600 16000
- 385
tal
16 995
30000 5600
-5500
26250
6475
Es275 -4650-1310
385
S1G50
54 655,
VrTvtakeAssignment/printUntakenAs
Transcribed Image Text:Tollowing iS one reasoh the statement of stOCkholders'equity is prepareu Delore die Dalance sieet!
because the amants of cammon stock and retained
earnings at the end cf the pericd
mest be regat onthe beilance Sheet
GGE Enterprises Inc.
On November 1 of the current year, Rob Elliot invested $30.000 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.
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 and total stockholders' equity of $37,655.
Accounts Common Retained
Fees
Wages
Rent
Supplies Utilities Miscellaneous
Cash Supplies Land
Payable
Stock Earnings Dividends Earned Expense Expense Expense Expense
Expense
$7,600 $16,000
$5,000
$5,500
$26,250 $6,475
$4,650 $1,310
$385
Review the following questions. Indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement.
(Select "Yes" or "No" from the below dropdowns.)
Statement of
Balance
Income
Stockholders'
Sheet
Statement
Equity
Amount
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?
2. MP.02.01.ALGO (Algorithmic)
Mastery Problem: Analyzing Transactions
KL Company Inc.
In February, Katie Long formed KL Company Inc. Transactions for the month of March have been posted to the T accounts. An intern has prepared a trial balance from the T
accounts, but there seem to be some errors.
T accounts
Cash
Bal. 8,000
3/3 2,300
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