Question: Hello, I am having a challenge finding retained earnings and the amount paid for supplies. On November 1 of the current year, Rob Elliot invested
Hello, I am having a challenge finding retained earnings and the amount paid for supplies.

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. 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 $54,650.00 and total stockholders' equity of $39,785.00. Common Fees Utilities Accounts Receivable Accounts Payable Cash Supplies Expense Land Retained Earnings $5,000.00 Stock Dividends Earned Rent Expense $6,375.00 Expense Wages Expense $1,250.00 Miscellaneous Expense $415.00 ? $7,600.00 $16,000.00 $5,500.00 $27,750.00 ? $4,675.00
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
