Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

questions 2,5,6,7,8 I don't understand how to find these numbers with given information.please help GGE Enterprises Inc. On November of the current year, Rob Eliot

image text in transcribed

questions 2,5,6,7,8 I don't understand how to find these numbers with given information.please help

GGE Enterprises Inc. On November of the current year, Rob Eliot invested 530,500 of his cash to form a corporation, GGE Enterprises Inc in exchange for shares of common stock. No other common w o vember earnings as of November 10 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 reported total assets of $55,400 and total stockholders equity of $38,580. Accounts Common Retained Fees Wages Rent Supplies Utilities Miscellaneous Cash Supplies and Payable Stock Earnings Dividends Earned Expense Expense Expense Expense Expense 7 37,350 $17,000 ? $5,000 $5,250 $26,250 $6,425 ? $4,575 $1,220 $400 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 Income Stockholders Statement Equity Amount Sheet Yes No 1. What is the amount reported for total liabilities and stockholders' equity on December 31 55,400 2. What is the retained earnings amount reported on December 317 30,150 x 16,820 3. How much does GGE Enterprises Inc. owe to its creditors? 4. How much cash is being held by GGE Enterprises Inc.? 5. Hy what amount did retained earnings increase or decrease during the what the amount of profit or during December? what were the total expenses for December

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

AML Auditing Understanding Global Custody Services

Authors: Bob Walsh

1st Edition

1539534367, 978-1539534365

More Books

Students also viewed these Accounting questions

Question

What lessons in intervention design, does this case represent?

Answered: 1 week ago