Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The
Question:
Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The company had the following assets and liabilities on the dates indicated:
Instructions
Use the accounting equation and the change in owner?s equity during the year to calculate the profi t (or loss) for:
a. 2021, assuming Shane Cooke?s drawings were $50,000 for the year.
b. 2022, assuming Shane Cooke made an additional investment of $40,000 and had no drawings in 2022.
c. 2023, assuming Shane Cooke made an additional investment of $10,000 and his drawings were $60,000 for the year.
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Step by Step Answer:
The statement of owners equity is a calculation presented in statement form and therefore w...View the full answer
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Related Book For 
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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