On November 1 of the current year, Rob Elliot invested $30.500.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was lasdeo u 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 Decer total assets of $54,650.00 and total stockholders' equity of $39,785.00. Accounts Common Retained Fees Utilities Wages Rent Supplies Miscellaneous Cash Supplies Land Payable Stock Earnings Dividends Expense Expense Earned Expense Expense Expense $7,600.00 $16,000.00 ? $5,000.00 $5,500.00 $27,750.00 $6,375.00 ? $4,675.00 $1,250.00 $415.00 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 Retained Earnings Sheet Statement Statement Amount 24 54, 6650. 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? $24 3. How much does GGE Enterprises Inc. owe to its creditors? %24 31,050. 4. How much cash is being held by GGE Enterprises Inc.? 2$ 5. By what amount did retained earnings increase or decrease during the period? 2$ 6. What is the amount of profit or loss during December? 2$ 7. What were the total expenses for December? 2$ 8. How much was paid for wages?
On November 1 of the current year, Rob Elliot invested $30.500.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was lasdeo u 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 Decer total assets of $54,650.00 and total stockholders' equity of $39,785.00. Accounts Common Retained Fees Utilities Wages Rent Supplies Miscellaneous Cash Supplies Land Payable Stock Earnings Dividends Expense Expense Earned Expense Expense Expense $7,600.00 $16,000.00 ? $5,000.00 $5,500.00 $27,750.00 $6,375.00 ? $4,675.00 $1,250.00 $415.00 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 Retained Earnings Sheet Statement Statement Amount 24 54, 6650. 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? $24 3. How much does GGE Enterprises Inc. owe to its creditors? %24 31,050. 4. How much cash is being held by GGE Enterprises Inc.? 2$ 5. By what amount did retained earnings increase or decrease during the period? 2$ 6. What is the amount of profit or loss during December? 2$ 7. What were the total expenses for December? 2$ 8. How much was paid for wages?
Chapter20: Corporations And Partnerships
Section: Chapter Questions
Problem 59P
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