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 $57,150 and total stockholders' equity of $37,885.

Cash ?, Supplies $9,100, Land $17,000, Accounts Payable ?, Common Stock ?, Retained Earnings $5,000, Dividends $5,500, Fees Earned $26,250, Wages Expense $6,375, Rent Expense ?, Supplies Expense $4,550, Utilities Expense $1,250, 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.)

	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	Yes/No	Yes/No
2. What is the retained earnings amount reported on December 31?	YesNo	YesNo	YesNo
3. How much does GGE Enterprises Inc. owe to its creditors?	YesNo	YesNo	YesNo
4. How much cash is being held by GGE Enterprises Inc.?	YesNo	YesNo	YesNo
5. By what amount did retained earnings increase or decrease during the period?	YesNo	YesNo	YesNo
6. What is the amount of profit or loss during December?	YesNo	YesNo	YesNo
7. What were the total expenses for December?	YesNo	YesNo	YesNo
8. How much was paid for rent?	YesNo	YesNo	YesNo