On November 1 of the ourrent year, Rob Elliot invested $31,000.00 of his cash to

Question

On November 1 of the ourrent year, Rob Elliot invested $31,000.00 of his cash to form a corporation, GGE Enterprises Inc., in exchange for shares of common stock. No other common stock was ssued 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 $53,900.00 and total stockholders' equity of $37,705.00. Accounts Accounts Common Retained Fees Rent Expense Expense Expens Exper ?$5000.00 $,500.00 $26,250.00 $6,475.00$4,500.00 1,310.00$460 Cash ReceivableLand Payable Stock Earnings Dividends Earned Expense $7,850.00 $15,000.00?

Explanation / Answer

Workings:

Please note image is not fully visible. So Miscellaneous expenses is assumed to be $460 and based on this amount the solution is provided.

Dear Student,

Best effort has been made to give quality and correct answer. But if you find any issues please comment your concern. I will definitely resolve your query.

4 Cash $ 31,050.00 5 Supplies Expesnes $ 11,800.00 6 Retained earnings Increase $    1,705.00 7 Total Expenses $ 24,545.00 8 Net income $    1,705.00

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.