Shane Cooke began a business, Cooke Company, on January 1, 2024, with an investment of $100,000. The
Question:
Shane Cooke began a business, Cooke Company, on January 1, 2024, 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 profit (or loss) for:
a. 2024, assuming Shane Cooke’s drawings were $50,000 for the year.
b. 2025, assuming Shane Cooke made an additional investment of $40,000 and had no drawings in 2025.
c. 2026, assuming Shane Cooke made an additional investment of $10,000 and his drawings were $60,000 for the year.
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Related Book For 
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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