OI 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 earningOf $5000However when I tried to make the income statement the result is diferentFeed earned 26250Expenses Wage. 6475 Rent. 5275 Supplies 4650 Utilities 1310 Miscellaneous. 385Total in expenses $18,095Net income .$8155It differs from the retained earning gave it to me in the problem LEGOHomewenc P. 2/10AssetsEputySupp Lond6607600 6000iabilityAccatPayableCoshStockEarmingsDividendfeescavnedGvaseexpenlentexpSupplUtil.300023600ep.30000300005600-sS0026250- 6475- 5275-4650ー)3103855000- 5500tuya26259-6475-SZ75+4650- 1310-660531050 7600 16000- 385tal16 99530000 5600-5500262506475Es275 -4650-1310385S1G5054 655,VrTvtakeAssignment/printUntakenAs Tollowing iS one reasoh the statement of stOCkholders'equity is prepareu Delore die Dalance sieet!because the amants of cammon stock and retainedearnings at the end cf the pericdmest be regat onthe beilance SheetGGE 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 othercommon 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, thefinancial statements were prepared. The balance sheet reported total assets of $54,650 and total stockholders' equity of $37,655.Accounts Common RetainedFeesWagesRentSupplies Utilities MiscellaneousCash Supplies LandPayableStock Earnings Dividends Earned Expense Expense Expense ExpenseExpense$7,600 $16,000$5,000$5,500$26,250 $6,475$4,650 $1,310$385Review 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 ofBalanceIncomeStockholders'SheetStatementEquityAmount1. 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 TransactionsKL 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 Taccounts, but there seem to be some errors.T accountsCashBal. 8,0003/3 2,300

Net income is the outcome of the Income Statement whereas retained earnings are the earnings set…

Answered: O I don’t know what I made wrong with…

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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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

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

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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