GGE Enterprises Inc. On November 1 of the current year, Rob Elliot invested $30,750 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 $54,900 and total stockholders' equity of $39,060. Cash Supplies Accounts Common Retained Fees Wages Rent Supplies Utilities Miscellaneous Payable Stock Earnings Dividends Earned Expense Expense Expense Expense Expense Land ? $8,350 $15,250 ? ? $5,000 $5,750 $27,000 $6,475 ? $4,625 $1,190 $400 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 No No $ 54,400 x 2. What is the retained earnings amount reported on December 31? Yes No Yes 8,455 x 3. How much does GGE Enterprises Inc. owe to its creditors? Yes No No $ 15,445.0 X 4. How much cash is being held by GGE Enterprises Inc.? Yes No No 30,550.0 5. By what amount did retained earnings increase or decrease during the period? No No Yes 3,455.00 x 6. What is the amount of profit or loss during December? No Yes Yes 9,205.00 X 7. What were the total expenses for December? No Yes No 18,045.0 X 8. How much was paid for rent? No Yes No 5,350.00 X Feedback