Answer:
1. What is the amount reported for total liabilities and stockholders' equity on December 31?
$56,150 (same as total assets)
2. What is the retained earnings amount reported on December 31?
= total equity - common stock = $37,785 - $30,000 = $7,785
3. How much does GGE Enterprises Inc. owe to its creditors?
accounts payable = $56,150 - $37,785 = $18,365
4. How much cash is being held by GGE Enterprises Inc.?
cash = $56,150 - $8,350 - $15,500 = $32,300
<u />
5. By what amount did retained earnings increase or decrease during the period?
$7,785 - $5,000.00 from Nov. = $2,785
6. What is the amount of profit or loss during December?
profit = increase in retained earnings + dividends = $2,785 + $5,750 = $8,535
7. What were the total expenses for December?
total expenses = fees earned - December's profit = $27,250 - $8,535 = $18,715
8. How much was paid for utilities?
$18,715 - $6,450 - $4,625 - $1,220 - $400 = $205
Explanation:
the numbers are all mixed, so I looked for a similar question:
Cash ? = $56,150 - $8,350 - $15,500 = <u>$32,300</u>
Accounts Receivable $8,350.00
Land $15,500.00
Accounts Payable ? = $56,150 - $37,785 = <u>$18,365</u>
Common Stock ? <u>$30,000</u>
Retained Earnings = $37,785 - $30,000 = <u>$7,785</u> ($5,000.00 from Nov. + $2,785 from Dec.)
Dividends $5,750.00
Fees Earned $27,250.00
Supplies Expense $6,450.00
Utilities Expense ?
Wages Expense $4,625.00
Rent Expense $1,220.00
Miscellaneous Expense $400.00
