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What amount did retained earnings increase or decrease

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On November 1 of the current year, Rob Elliot invested $31,000.00 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 $53,900.00 and total stockholders' equity of $37,705.00.

Cash - ?
Accounts Receivable - $7,850.00
Land - $15,000
Accounts Payable - ?
Common Stock - ?
Retained Earnings - $5,000
Dividends - $6,500
Fees Earned - $26,250
Rent Expense - $6,475
Supplies Expense - ?
Utilities Expense - $4,500
Wages Expense - $1,310
Miscellaneous Expense - $460

Question 1: By what amount did retained earnings increase or decrease during the period?

Question 2: What is the amount of profit or loss during December?

Reference no: EM132685013

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