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Shane Cooke began a business, Cooke Company, on January 1, 2021, with an investment of $100,000. The company had the

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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:

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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.

Transcribed Image Text:

December 31 Total Assets 2021 2022 2023 Total Liabilities $210,000 290,000 355,000 $370,000 525,000

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Accounting Principles Volume 1

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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Question Details
Chapter # 1- Accounting in Action
Section: Exercises
Problem: 7
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Question Posted: February 20, 2020 11:11:43
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