On December 1 of the current year, Rob Elliot invested 535,000 of his cash to form a precietorship, 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 $38,000. The balance sheet reported total liabilities and owner's equity of S55,650. Utilities M Cash Accounts Receivable $8,600 Accounts Payable 2 Land $16,500 Rob Elliot, Capital ? Rob Elliot Fees Drawing Eamed $5,750.00 $26,750.00 Supplies Expense $6,400.00 Expense Wages Expense 54,650.00 Rent Expense $1,265.00 2 2 Review the forowing questions Place an X in the box to incticate which financial statement(s) report the desired information Enter the amount reported on the financial statement Income Statement Statement of Owner's Equity Amount Balance Sheet XV X / What are the total assets owoed by GGE Enterprises? How much cash is being held by GGE Enterprises? $30.550.00