On November 1 of the current year, Rob Elliot invested $29,250.00 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 $54,900.00 and total stockholders' equity of $37,970.00
Homework Answers
| Balance Sheet | Income Statement | Retained Earning Statement | Amount | |||
| 1 | What is the amount reported for total liabilities and stockholder's equity on December 31 | X | 54900 | |||
| 2 | What is the retained earnings amount reported on December 31 | X | 8720 | |||
| 3 | How much does GGE Enterprise owe to its creditors | X | 11180 | |||
| 4 | How much cash is being held by GGE Enterprise Inc? | X | 31050 | |||
| 5 | By what amount did retained earnings increase or decrease during the period? | X | 3720 |
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On November 1 of the current year, Rob Elliot invested $29,250.00 of his cash to form...
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Note: I do not know if I did the amount correctly. Can someone please double check? Thank you very much.On November 1 of the current year, Rob Elliot invested $ 30,250 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. After all...
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please show the work for each and number each! thank you also
dont forget to check the X.On December 1 of the current year, Rob Elliot invested $35.000 of his cash to form a prietorshi, 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 Rab Elior's owner's equity...
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please show the work for each and number each! thank you also
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