Read the following request message, and then answer the question.

On November 1 of the current year, Rob Elliot invested $30,000 of his cash to form a corporation, GGE Enterprises Inc., in excha

andrew-mc [135]

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

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 = $32,300

Accounts Receivable $8,350.00

Land $15,500.00

Accounts Payable ? = $56,150 - $37,785 = $18,365

Common Stock ? $30,000

Retained Earnings = $37,785 - $30,000 = $7,785 ($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

5 0

4 years ago

Use Annual Cost Analysis to determine whether Alternative A or B should be chosen. The analysis period is 5 years. Assume an int

emmasim [6.3K]

Answer:

A should be chosen, because its equivalent annual cost is $252.15 lower than Alternative B's.

Explanation:

a) Data and Calculations:

Interest rate = 6% per year

Alternative A Alternative B

Initial Cost 2800 6580

Annual Benefit 450 940

Salvage Value 500 1375

Useful Life (yrs) 5 5

Annuity factor = 4.212 for 5 years at 6%.

Present value factor = 0.747 for 5 years at 6%.

Alternative A Alternative B

Present value of

annual benefits $1,895.40 $3,959.28

PV of salvage value 373.50 1,027.12

Total present value

of benefits $2,268.90 $4,986.40

Initial Cost 2,800 6,580

Net present value $531.10 $1,593.60

The equivalent annual cost

= NPV/PV annuity factor

($531.10/4.212) ($1,593.60/4.212)

Equivalent annual cost $126.09 $378.35

Difference:

Alternative B = $378.35

Alternative A = $126.09

Difference = $252.26

3 0

3 years ago

How does a market economy answer the three economic questions?

love history [14]

Answer:

A market economy answers the three economic questions by allocating resources and goods through markets, where prices are generated.

There are two extremes of how these questions get answered. In command economies, decisions about both allocation of resources and allocation of production and consumption are decided by the government. In market economies, there is private ownership of resources—established though property rights—and the factors of production and consumption are all coordinated through markets. In a market system, resources are allocated to their most productive use through prices that are determined in markets. These prices act as a signal for buyers and sellers. Most economies are mixed economies that lie between these two extremes.

In either system, a rational agent would allocate resources and production using marginal analysis. In command economies, this is more difficult to do because without markets, prices fail at being an effective signal.

Explanation:

I hope this helps!!

7 0

2 years ago

Exporter of US in 2013

k0ka [10]

In 2013 the us received exports from China, France, England, and many more.

3 0

3 years ago

Plss help Ken has been offered a job that doesn’t pay very well but offers training for advancement the company will also help w

yanalaym [24]

He should take the job being offered to him. He might have to live with his parents but it only in the mean time. If he’s getting trained there is a chance that later on he’s going to have a high position it the company, and he won’t have any school debt

Hope this is what u were looking for

7 0

4 years ago