GGE Enterprises Inc.

On November 1 of the current year, Rob Elliot invested $29,250 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 $38,605.

Cash

Supplies

Land

Accounts Payable

Common Stock

Retained Earnings

Dividends

Fees Earned

Wages Expense

Rent Expense

Supplies Expense

Utilities Expense

Miscellaneous Expense

?

$7,850

$15,500

?

?

$5,000

$5,500

$28,000

$6,500

?

$4,700

$1,280

$340

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
1. What is the amount reported for total liabilities and stockholders' equity on December 31?	YesNoYes	YesNoNo	YesNoNo	PLEASE FILL IN THIS BLANK AND THE BELOW ONES WITH AMOUNT
2. What is the retained earnings amount reported on December 31?	YesNoYes	YesNoNo	YesNoYes	$fill in the blank 972b0d04ef8000e_8
3. How much does GGE Enterprises Inc. owe to its creditors?	YesNoYes	YesNoNo	YesNoNo	$fill in the blank 972b0d04ef8000e_12
4. How much cash is being held by GGE Enterprises Inc.?	YesNoYes	YesNoNo	YesNoNo	$fill in the blank 972b0d04ef8000e_16
5. By what amount did retained earnings increase or decrease during the period?	YesNoYes	YesNoNo	YesNoYes	$fill in the blank 972b0d04ef8000e_20
6. What is the amount of profit or loss during December?	YesNo	YesNo	YesNo	$fill in the blank 972b0d04ef8000e_24
7. What were the total expenses for December?	YesNo	YesNo	YesNo	$fill in the blank 972b0d04ef8000e_28
8. How much was paid for rent?	YesNo	YesNo	YesNo