On November, 1 of the current year, Rob Elliot invested $30,500.00 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. Alter a very successful first month of operations, the retained earnings as of November 30 were reported at $5,000.00. Alter 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 $54,400.00 and total stockholders equity of $38,955.00

1. How much does GGE Enterprises Inc owe to its creditors

2. By what amount did retained earnings increase or decrease during the period

3. What were the total expenses for December

4. How much was paid for utilities

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Accounts Cash Receivable ? $8,350.00 Land $15,500.00 Accounts Common Retained Payable ? Stock Earnings $5,000.00 ? Balance Sheet Fees Dividends Earned $5,750.00 $27,250.00 $6,450.00 Retained Earnings Income Statement Statement Supplies Utilities Wages Rent Expense Expense Expense Expense ? $4,625.00 $1,220.00 Amount Miscellaneous Expense $400.00 x 口 xv x x xv X $54,400.00 $8,455.00 $30,550.00 $9,205.00 x x x x Accounts Cash Receivable ? $8,350.00 Land $15,500.00 Accounts Common Retained Payable ? Stock Earnings $5,000.00 ? Balance Sheet Fees Dividends Earned $5,750.00 $27,250.00 $6,450.00 Retained Earnings Income Statement Statement Supplies Utilities Wages Rent Expense Expense Expense Expense ? $4,625.00 $1,220.00 Amount Miscellaneous Expense $400.00 x 口 xv x x xv X $54,400.00 $8,455.00 $30,550.00 $9,205.00 x x x x

Answer rating: 100% (QA)

1 Amount owed to creditors Given total assets 54400 Total assets Total liabilities stock holders equ... View the full answer