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What is the retained earnings amount reported on December

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Question - On November 1 of the current year, Rob Elliot invested $29,750 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. 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 $54,900 and total stockholders' equity of $37,950.

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

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

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

4. What were the total expenses for December?

5. How much was paid for rent?

Reference no: EM132914470

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