On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, 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 $38,445. The balance sheet reported total liabilities and owner’s equity of $56,900. Accounts Accounts Rob Elliot, Rob Elliot, Fees Rent Supplies Utilities Wages Miscellaneous Cash Receivable Land Payable Capital Drawing Earned Expense Expense Expense Expense Expense ? 8,850 16,500 ? ? $6,000.00 $27,250.00 $6,400.00 ? $4,575.00 $1,235.00 $370.00 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 Income Statement of Sheet Statement Owner’s Equity Amount What are the total assets owned by GGE Enterprises? How much cash is being held by GGE Enterprises? By what amount did Rob Elliot’s equity increase or decrease during the period? What is the amount of profit or loss during December? What were the total expenses for December? How much expense was reported for supplies? How much does GGE Enterprises owe to its creditors?

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Description: On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation, the following are the ending balances for selected items on D

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 2EB: You are an accountant working for a manufacturing company that makes personal care products and has...

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On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, 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 $38,445. The balance sheet reported total liabilities and owner’s equity of $56,900.

	Accounts		Accounts	Rob Elliot,	Rob Elliot,	Fees	Rent	Supplies	Utilities	Wages	Miscellaneous
Cash	Receivable	Land	Payable	Capital	Drawing	Earned	Expense	Expense	Expense	Expense	Expense
?	8,850	16,500	?	?	$6,000.00	$27,250.00	$6,400.00	?	$4,575.00	$1,235.00	$370.00

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	Income	Statement of
Sheet	Statement	Owner’s Equity	Amount
What are the total assets owned by GGE Enterprises?
How much cash is being held by GGE Enterprises?
By what amount did Rob Elliot’s equity increase or decrease during the period?
What is the amount of profit or loss during December?
What were the total expenses for December?
How much expense was reported for supplies?
How much does GGE Enterprises owe to its creditors?

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