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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 - $7,850.00Land - $15,000Accounts Payable - ?Common Stock - ?Retained Earnings - $5,000Dividends - $6,500Fees Earned - $26,250Rent Expense - $6,475Supplies Expense - ?Utilities Expense - $4,500Wages Expense - $1,310Miscellaneous Expense - $460 Question 1: What is the amount reported for total liabilities and stockholders' equity on December 31? Question 2: What is the retained earnings amount reported on December 31?
Prepare the journal entries for the declaration date and the distribution date. The board of directors declared a 6% share dividend to shareholders
during the fourth quarter of 2006 cablevision inc. generated excess cash which the company invested in securities as
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Yogurt Plus, a restaurant, collected the following information on inflows. Prepare a statement of cash flows, using the direct method to determine net cash flow from operating activities.
You plan to spend $800 on staying healthy. However, if you get sick, the cost is going to be $25,000. What is your expected cost?
Calculate amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2011.
Prepare a statement of financial position, income statement and statement of retained earnings in proper financial statement format for Marmidan Corporation Inc.
On a statement of financial affairs, how are liabilities classified?
Calculate the equity method balance in Corgan's investment in smashing, inc., account as of december 31, 2011. prepare the worksheet adjustment for the december 31, 2011, consolidation of corgan and smashing.
Consider a firm with a contract to sell an asset for $135,000 three years from now. The asset costs $89,000 to produce today. Given a relevant discount rate on this asset of 13 percent per year, will the firm make a profit on this asset?
Verify A = L+E using the balance sheet (B/S) prepared at the end of Fiscal Year 2008. Be specific with numbers. Repeat for the B/S prepared at the end of FY.
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