1. GGE Enterprises Inc.

   On November 1 of the current year, Rob Elliot invested $29,500 of his cash to form a A business organized under state or federal statutes as a separate legal entity.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 $55,900 and total stockholders' equity of $36,825.

   Cash

   Supplies

   Land

   Accounts Payable

   Common Stock

   Retained Earnings

   Dividends

   Fees Earned

   Wages Expense

   Rent Expense

   Supplies Expense

   Utilities Expense

   Miscellaneous Expense

   ?

   $7,600

   $16,500

   ?

   ?

   $5,000

   $6,250

   $26,500

   $6,450

   ?

   $4,675

   $1,280

   $370

   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.)

   	Balance Sheet	Income Statement	Statement of Stockholders' Equity	Amount
   1. What is the amount reported for total liabilities and stockholders' equity on December 31?	Yes Yes No	No Yes No	No Yes No	$ 54,150
   2. What is the retained earnings amount reported on December 31?	Yes Yes No	No Yes No	Yes Yes No	$ 9,485
   3. How much does GGE Enterprises Inc. owe to its creditors?	Yes Yes No	No Yes No	No Yes No	$ 15,415
   4. How much cash is being held by GGE Enterprises Inc.?	Yes Yes No	No Yes No	No Yes No	$ 30,050
   5. By what amount did retained earnings increase or decrease during the period?	Yes Yes No	No Yes No	Yes Yes No	$ 4,485
   6. What is the amount of profit or loss during December?	Yes No	Yes No	Yes No	$
   7. What were the total expenses for December?	Yes No	Yes No	Yes No	$
   8. How much was paid for rent?	Yes No	Yes No	Yes No