GGE Enterprises Inc.

On November 1 of the current year, Rob Elliot invested $30,500 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 $53,900 and total stockholders' equity of $39,145.

GGE Enterprises Inc. On November 1 of the current year, Rob Elliot invested $30,500 of his cash to form a corporation, GGE Enterprises tnc., in exchange for shares of common stock. No ather 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 equati December 31 follow. On that date, the finandal statements were prepared. The balance sheet reported total assets of $53,900 and total stockholders' equity of $39,145. Supplies utilities Miscellaneous Rent Fees Wages Accounts Common Retained Expense Stock Earnings Dividends Earned Expense Expense Expense Expense Cash Supplies Land Payable $1,235 $445 $27,500 $6,425 $4,500 7 $5,000 $6,000 $8,100 $15,250 ? Review the following questlons. Indicate which financial statement(s) report the desired information. Enter the amount reported on the finandial statement. (Select Yes or "No" from the below dropdowns.) Statement of Stockholders" Balances Income Statement Amount Equity Sheet 1. What is the amount reported for total liabilities and stockholders' equity on December 317 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.7 5. By what amount did retained earnings increase or decrease during ther perlod? 6. What is the amount of profit or loss during December? 7. What were the total expenses for December 8. How much was pald for rent? Check My Work