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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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GGE Enterprises Inc.
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 issued d
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 onI 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
Payabie
Stock
Earnings
Dividends
Earned
Expense
Expense
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
1. What is the amount reported for total liabilities and stockholders' equity on December 31?
54,650.-
2. What is the retained earnings amount reported on December 31?
%$4
3. How much does GGE Enterprises Inc. owe to its creditors?
31,050.
4. How much cash is being held by GGE Enterprises Inc.?
2$
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?
8. How much was paid for wages?
2. BE.01-01
Cost Principle
on une 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. On July 9, Ritts accepted the seller's counteroffer of $275.000, On
OLtober 1, the land was assessed at a value of $280.000 for property tax purposes. On December 22, Ričts was ofrered $305,000 for the land by a national retail chain.
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2/14
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