On December 1 of the current year, Rob Elliot invested $35,500 of his cash to fo

Question

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 owner’s equity for GGE Enterprises reported Rob Elliot’s owner’s equity as of December 31 at $38,955. The balance sheet reported total liabilities and owner’s equity of $54,400.

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.

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 owner’s equity for GGE Enterprises reported Rob Elliot’s owner’s equity as of December 31 at $38,955. The balance sheet reported total liabilities and owner’s equity of $54,400.

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.

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

Explanation / Answer

balance sheet

income statement

statement of shareholders equity

1-

X -54400

2-

X -30550

3-

X-3455

4-

X-9205

5-

X-18045

6-

X-5350

7-

X-15445

Balance Sheet

cash

54400-15500-8350

30550

Income statement

receivables

8350

Fees earned

27250

Land

15500

less expenses

supplies expense

6450

total of assets

54400

utilities expense

27250-6450-4625-1220-400-9205

5350

wages expense

4625

Liabilities and shareholders equity

rent expense

1220

accounts payable

54400-38955

15445

Misc. Expenses

400

contributed capital

35500

total expenses

18045

add net income

9205

net income

9205

less drawing

5750

statement of shareholders equity

total of shareholders equity

38955

contributed capital

35500

total of liabilities and shareholders equity

54400

add net income

38955+5750-35500

9205

less drawing

5750

shareholders equity at year end

38955

increase in equity

38955-35500

3455

balance sheet

income statement

statement of shareholders equity

1-

X -54400

2-

X -30550

3-

X-3455

4-

X-9205

5-

X-18045

6-

X-5350

7-

X-15445

Balance Sheet

cash

54400-15500-8350

30550

Income statement

receivables

8350

Fees earned

27250

Land

15500

less expenses

supplies expense

6450

total of assets

54400

utilities expense

27250-6450-4625-1220-400-9205

5350

wages expense

4625

Liabilities and shareholders equity

rent expense

1220

accounts payable

54400-38955

15445

Misc. Expenses

400

contributed capital

35500

total expenses

18045

add net income

9205

net income

9205

less drawing

5750

statement of shareholders equity

total of shareholders equity

38955

contributed capital

35500

total of liabilities and shareholders equity

54400

add net income

38955+5750-35500

9205

less drawing

5750

shareholders equity at year end

38955

increase in equity

38955-35500

3455

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