On November 1 of the current year, Rob Elliot invested of his cash to form a 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 Decembe 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 S54,400.00 and total stockholders' equity of $38,955.00_ Cash Accounts Payable Common Stock Supplies $8,360 00 Land $15,500.00 Retained Earnings $5,000.00 Dividends 750.00 Fees Earned $27 ,250.oo Utilities Expense S6,450.oo Wages Expense Rent Expense *625.00 Supplies Expense Sl ,220.OO Miscellaneous Expense $400.00 Review the fo//owyng questions. mace 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 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.? S. By what amount did retained eamings increase or decrease during the period? 6. What is the amount of profit or loss during December? T What were the total expenses for December? 8. How much was paid for wages? Income Statement x Retained Earnings Statement x Amount S15,445.oo $3,455 oo $9,205.00 S18,045.oo $11,800 00 x Points: 30 / 32 On November 1 of the current year, Rob Elliot invested of his cash to form a 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 Decembe 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 S54,400.00 and total stockholders' equity of $38,955.00_ Cash Accounts Payable Common Stock Supplies $8,360 00 Land $15,500.00 Retained Earnings $5,000.00 Dividends 750.00 Fees Earned $27 ,250.oo Utilities Expense S6,450.oo Wages Expense Rent Expense *625.00 Supplies Expense Sl ,220.OO Miscellaneous Expense $400.00 Review the fo//owyng questions. mace 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 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.? S. By what amount did retained eamings increase or decrease during the period? 6. What is the amount of profit or loss during December? T What were the total expenses for December? 8. How much was paid for wages? Income Statement x Retained Earnings Statement x Amount S15,445.oo $3,455 oo $9,205.00 S18,045.oo $11,800 00 x Points: 30 / 32