Question -
On December 1 of the current year, Rob Elliot invested $35,000 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation, the following are the ending balances for selected items on December 31. On that date, the financial statements were prepared. The statement of owner's equity for GGE Enterprises reported Rob Elliot's owner's equity as of December 31 at $38,000. The balance sheet reported total liabilities and owner's equity of $55,650.
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Accounts
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Rob Elliot,
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Rob Elliot,
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Fees
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Utilities
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Wages
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Rent
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Supplies
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Miscellaneous
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Cash
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Supplies
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Land
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Payable
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Capital
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Drawing
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Earned
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Expense
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Expense
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Expense
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Expense
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Expense
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?
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8,600
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16,500
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?
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?
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$5,750.00
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$26,750.00
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$6,400.00
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?
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$4,650.00
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$1,265.00
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$460.00
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Review the following questions. Place an 'X' in the box to indicate which financial statement(s) report the desired information. Enter the amount reported on the financial statement.
What are the total assets owned by GGE Enterprises?
How much cash is being held by GGE Enterprises?
By what amount did Rob Elliot's equity increase or decrease during the period?
What is the amount of profit or loss during December?
What were the total expenses for December?
How much expense was reported for wages?
How much does GGE Enterprises owe to its creditors?