User Account

All Pages

What is the amount of profit or loss during December

Assignment Help Financial Accounting
Reference no: EM132472155

Problem - On November 1 of the current year, Rob Elliot invested $30,000.00 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 $55,650.00 and total stockholders' equity of $38,000.00.

CASH: ?

ACCTS RCVABLS: 8,600

LAND: 16,500

ACCTS PAYABLE: ?

COMMON STOCK: ?

RETAINED EARNINGS: 5,000

DIVIDENDS: 5,750

FEES EARNED: 26,750

RENT EXP: 6,400

SUPPLIES EXP ?

WAGES EXPENSE: 1,265

MISC EXP: 460

Required -

1. What is the amount reported for total liabilities and stockholders' equity on December 31?

2. What is the retained earnings amount reported on December 31?

3. How much does GGE Enterprises Inc. owe to its creditors?

4. How much cash is being held by GGE Enterprises Inc.?

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

6. What is the amount of profit or loss during December?

7. What were the total expenses for December?

8. How much was paid for supplies?

Reference no: EM132472155

Questions Cloud

BUS505 Case Study Analysis Assignment : BUS505 Case Study Analysis Assignment Help and Solution - supply analysis to describe the possible effects of economic recovery on price, quantity and revenue
What will be appropriate cost of debt for biomedics : Preference shares will be issued at $150 per share and pay a dividend of $11.25. What will be appropriate cost of debt for Biomedics
Determine and prepare a correct trial balance : Prepare a correct trial balance for Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount.
Prepare journal entries to record the events : Question - Striking Furs imports furs from Canada. In the space provided below, prepare journal entries to record the following events
What is the amount of profit or loss during December : The balance sheet reported total assets of $55,650.00 and total stockholders' equity of $38,000.00. What is the amount of profit or loss during December
Compute estimate of the ending balance of account receivable : Determine and Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages
BIT 100 Introduction To Programming Assignment : BIT 100 Introduction To Programming Assignment Help and Solution, HELP University - Assessment Writing Service - Explain the steps involved in program
What is the after-tax income : In late December, he performed $33,000 of legal services for a client. What is the after-tax income if Hank sends his client the bill in January
Prepare the entry to record the exchange : Record annual depletion for the first year, ended August 31, 2017. (Credit account titles are automatically indented when the amount is entered

Reviews

Write a Review

Financial Accounting Questions & Answers

  Describe the evolving accounting standards for recording

Describe the evolving accounting standards for recording and translating foreign exchange related transactions and financial statements?

  Calculate the departmental overhead rate

Handy Display Company manufactures display cases to be sold to retail stores. The cases come in three sizes: large, medium, and small. Currently, Handy Display Company uses a single plant-wide overhead rate to allocate its $3,357,800 of annual manufa..

  Compute the amount reported as cost of goods sold

Holiday Bakery owns 60 percent of Farmco Products Company’s stock. On January 1, 20X9, inventory reported by Holiday included 21,000 bags of flour purchased from Farmco at $18 per bag. Compute the amount reported as cost of goods sold in the 20X9 con..

  Adjusted gross income and taxable income

What is the 2016 adjusted gross income and taxable income for Bill and Lola, a married couple, with two dependent children, based on the following information?

  Wholesale distributor of electronic equipment

a wholesale distributor of electronic equipment, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement,

  Usefulness to managers of fixed budget performance reports

What limits the usefulness to managers of fixed budget performance reports? Identify the main purpose of a flexible budget for managers and discuss them with your classmates. What type of analysis does a flexible budget performance report help manage..

  What will be the implications for barmunda

What will be the implications for Barmunda Pty Ltd if it is considered to be a reporting entity and advise the Management Committee of Barmunda Pty Ltd as to whether the company would be considered a reporting entity in accordance

  Should gruner accept the special order

If amount decreases the income, use either a negative sign preceding the number, e.g., -45 or parentheses, e.g., (45). Enter all amounts and subtract where necessary.Should Gruner accept the special order?

  Calculate the amount that total benefits

Calculate the amount that total benefits are projected to increase annually as a result of switching to a cellular manufacturing operation - What is the minimum acceptable price at which overall profit will not change?

  The gross margin

Nikkel Corporation, a merchandising company, reported the following results for July: The gross margin for July is:

  Identify possible monetary-nonmonetary performance measures

Matt Parker operates a number of auto dealerships for Ford and Mitsubishi. Identify possible monetary and nonmonetary performance measures for each of the following situations. One nonmonetary measure should relate to quality, and one should relate t..

  Was reiss successful

Was Reiss successful?- How much capital does Reiss risk to pursue the opportunity?- Why does Reiss risk so little capital?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd