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On November $1$ of the current year, Rob Elliot invested $$30,750$ of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was issued during November or December. After a very successful first month of operations, the retained earnings as of November $30$ were reported at $$5,000.$ After all 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 $$54,400$ and total stockholders' equity of $$37,665.$

Cash

Supplies

Land Accounts

Payable Common

Stock Retained

Earnings

Dividends Fees

Earned Wages

Expense Rent

Expense Supplies

Expense Utilities

Expense Miscellaneous

Expense

$?$ $$7,350$ $$16,000??$ $$5,000$ $$6,250$ $$26,000$ $$6,450?$ $$4,600$ $$1,265$ $$370$

Review the following questions. Indicate which financial statement$($s$)$ report the desired information. Enter the amount reported on the financial statement.

$($Select "Yes" or $"$No$"$ from the below dropdowns.$)$

Balance

Sheet

Income

Statement Statement of

Stockholders'

Equity

Amount

$1.$ What is the amount reported for total liabilities and stockholders' equity on December $31?$

$fill in the blank e$1$f$065$fc$0001037\_4$

$2.$ What is the retained earnings amount reported on December $31?$

$fill in the blank e$1$f$065$fc$0001037\_8$

$3.$ How much does GGE Enterprises Inc. owe to its creditors?

$fill in the blank e$1$f$065$fc$0001037\_12$

$4.$ How much cash is being held by GGE Enterprises Inc.?

$fill in the blank e$1$f$065$fc$0001037\_16$

$5.$ By what amount did retained earnings increase or decrease during the period?

$fill in the blank e$1$f$065$fc$0001037\_20$

$6.$ What is the amount of profit or loss during December?

$fill in the blank e$1$f$065$fc$0001037\_24$

$7.$ What were the total expenses for December?

$fill in the blank e$1$f$065$fc$0001037\_28$

$8.$ How much was paid for rent?

$fill in the blank e$1$f$065$fc$0001037\_32$

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