The Accounting Equation Transactions Principles and Assumptions Financial Statements GGE Enterprises Inc. Shaded cells have feecoat Shaded cells have feedback On November 1 of the current year, Rob Elliot invested $30,000.00 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 $5,000.00. 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 $55,650.00 and total stockholders' equity of $38,000.00 Accounts Receivable $8,600.00 Cash ? Accounts Payable ? Land $16,500.00 Common Stock ? Retained Earnings $5,000.00 Utilities Expense Fees Earned $26.750.00 Dividends $5,750.00 Supplies Expense $6,400.00 Wages Expense $4,650.00 Check My Work The Accounting Equation Transactions Principles and Assumptions Financial Statements GGE Enterprises Inc. 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 Balance Sheet X / Income Statement Retained Earnings Statement Amount $55,650.00 1. What is the amount reported for total liabilities and stockholders' equity on December 31? 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.? 5. By what amount did retained earnings increase or decrease X . $ s $ Check My Work Ne Transactions Principles and Assumptions Financial Statements GGE Enterprises Inc. Shaded celta amount as earned earnings were so a decrease o 5 5 5. By what amount did retained earnings increase or decrease during the period? 6. What is the amount of profit or loss during December? S 7. What were the total expenses for December? 8. How much was paid for utilities? $ . Points: Feedback Check My Work Fully understanding the structure of the financial statements is critical to responding to these questions. For example, what balance sheet iter Check My Work The Accounting Equation Transactions Principles and Assumptions Financial Statements GGE Enterprises Inc. Shaded cells have feecoat Shaded cells have feedback On November 1 of the current year, Rob Elliot invested $30,000.00 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 $5,000.00. 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 $55,650.00 and total stockholders' equity of $38,000.00 Accounts Receivable $8,600.00 Cash ? Accounts Payable ? Land $16,500.00 Common Stock ? Retained Earnings $5,000.00 Utilities Expense Fees Earned $26.750.00 Dividends $5,750.00 Supplies Expense $6,400.00 Wages Expense $4,650.00 Check My Work The Accounting Equation Transactions Principles and Assumptions Financial Statements GGE Enterprises Inc. 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 Balance Sheet X / Income Statement Retained Earnings Statement Amount $55,650.00 1. What is the amount reported for total liabilities and stockholders' equity on December 31? 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.? 5. By what amount did retained earnings increase or decrease X . $ s $ Check My Work Ne Transactions Principles and Assumptions Financial Statements GGE Enterprises Inc. Shaded celta amount as earned earnings were so a decrease o 5 5 5. By what amount did retained earnings increase or decrease during the period? 6. What is the amount of profit or loss during December? S 7. What were the total expenses for December? 8. How much was paid for utilities? $ . Points: Feedback Check My Work Fully understanding the structure of the financial statements is critical to responding to these questions. For example, what balance sheet iter Check My Work