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Problems GOO Basic 180 Moderate DEChallenging Preparing a balance shoot Artistic Creations, a business owned by sole trader Briony, had the following assets and liabilities as at the financial years ended 30 June 2015 and 30 June 2014 as shown. 30 June 2015 30 June 2014 ASSETS Cash at bank $ 6000 Inventory $ 15 000 14 000 15 0QD Prepaid insurance 5 000 2 500 Accounts receivable 7 000 6 000 Motor vehicles 20 00D 20 000 Land and buildings 40 000 40 000 LIABILITIES Accounts payable $ 26 000 $ 17 500 Accrued expenses 5000 8000 Mortgage 10 000 10 000 Bank loan 35 000 37 500 Required a. What is the equity as at the end of the two financial years? b. If Briony contributed an extra $15 00D capital during the financial year ending 30 June 2015 and made no drawings, determine her profit (or loss) for the year, assuming the above balances remain the same. c. If Briony had contributed an extra $20 000 and withdrew $15000 during the year ending 30 June 2015, determine her profit (or loss] for the year, assuming the above balances remain the same