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On November 1 of the current year, Rob Elliot invested $30,000 of his cash to form a corporation, GGE Enterprises Inc., in exchange for
On November 1 of the current year, Rob Elliot invested $30,000 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 $37,900. Fees Wages Rent Accounts Common Retained Supplies Utilities Stock Earnings Dividends Earned Expense Expense Expense Expense $5,750 $26,500 $6,400 Cash Supplies ? $7,350 $15,500 Land Payable ? $5,000 2 $4,550 $1,235 Miscellaneous Expense $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.) Statement of Balance. Sheet Income Statement Stockholders' Equity Amount 1. What is the amount reported for total liabilities and stockholders' equity on December 312 2. What is the retained earnings amount reported on December 31 3. How much does GGE Enterprises Inc. owe to its creditors? 4. How much cash is being held by GGE Enterprises Inc.? 0.0.0.0.
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