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On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, GGE Enterprises. After all transactions have
On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation, the following are the ending balances for selected items on December 31. On that date, the financial statements were prepared. The statement of owner's equity for GGE Enterprises reported Rob Elliot's owner's equity as of December 31 at $38,445. The balance sheet reported total liabilities and owner's equity of $56,900. Cash Supplies Land Accounts Payable Rob Elliot, Capital ? $8,850 $16,500 ? ? Rob Elliot, Drawing $6,000.00 Fees Earned Wages Supplies Utilities Expense Expense Expense Expense $27,250.00 $6,400.00 $4,575.00 $1,235.00 Rent ? Miscellaneous Expense $370.00 Review the following questions. Place an 'X' in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement.
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