50.1K

Verified Solution

Link Copied!

On December 1 of the current year, Rob Elliot invested $35,500 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 owners equity for GGE Enterprises reported Rob Elliots owners equity as of December 31 at $38,955. The balance sheet reported total liabilities and owners equity of $54,400.

	Accounts		Accounts	Rob Elliot,	Rob Elliot,	Fees	Supplies	Utilities	Wages	Rent	Miscellaneous
Cash	Receivable	Land	Payable	Capital	Drawing	Earned	Expense	Expense	Expense	Expense	Expense
?	8,350	15,500	?	?	$5,750.00	$27,250.00	$6,450.00	?	$4,625.00	$1,220.00	$400.00

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	Owners 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 Elliots 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 utilities?
How much does GGE Enterprises owe to its creditors?				On December 1 of the current year, Rob Elliot invested $35,500 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 owners equity for GGE Enterprises reported Rob Elliots owners equity as of December 31 at $38,955. The balance sheet reported total liabilities and owners equity of $54,400. Accounts Accounts Rob Elliot, Rob Elliot, Fees Supplies Utilities Wages Rent Miscellaneous Cash Receivable Land Payable Capital Drawing Earned Expense Expense Expense Expense Expense ? 8,350 15,500 ? ? $5,750.00 $27,250.00 $6,450.00 ? $4,625.00 $1,220.00 $400.00 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 Owners 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 Elliots 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 utilities? How much does GGE Enterprises owe to its creditors?

Answer & Explanation Solved by verified expert

See Answer