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 $54,400 and total stockholders' equity of $38,900.

Cash

Supplies

Land

Accounts Payable

Common Stock

Retained Earnings

Dividends

Fees Earned

Wages Expense

Rent Expense

Supplies Expense

Utilities Expense

Miscellaneous Expense

?

$7,100

$16,000

?

?

$5,000

$5,250

$26,250

$6,475

?

$4,500

$1,190

$385

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?				$fill in the blank 78cd8dfb5f9701e_4
2. What is the retained earnings amount reported on December 31?				$fill in the blank 78cd8dfb5f9701e_8
3. How much does GGE Enterprises Inc. owe to its creditors?				$fill in the blank 78cd8dfb5f9701e_12
4. How much cash is being held by GGE Enterprises Inc.?				$fill in the blank 78cd8dfb5f9701e_16
5. By what amount did retained earnings increase or decrease during the period?				$fill in the blank 78cd8dfb5f9701e_20
6. What is the amount of profit or loss during December?				$fill in the blank 78cd8dfb5f9701e_24
7. What were the total expenses for December?				$fill in the blank 78cd8dfb5f9701e_28
8. How much was paid for rent?				$fill in the blank 78cd8dfb5f9701e_32