Shane Tamarisk began a business, on January 1 2024 with an investment of $115,000. The company had the following assets and liabilities on the dates indicated: December 31 total assets $376,000 $440,000 $525,000 total liabilities $205,000 $280,000 $325,000 2024 2025 2026 1) In 2024, assuming Shanes's drawings were $50,000 for the year how much was his profit or loss? 2) In 2025, assuming Shane made an additional investment of $51,000 for the year and no drawings in 2024, how much was his profit or loss? 3) In 2026, assuming Shanes made an additional investment of $10,000 and his drawings were $41,000 for the year, how much was his profit or loss?
Shane Tamarisk began a business, on January 1 2024 with an investment of $115,000. The company had the following assets and liabilities on the dates indicated: December 31 total assets $376,000 $440,000 $525,000 total liabilities $205,000 $280,000 $325,000 2024 2025 2026 1) In 2024, assuming Shanes's drawings were $50,000 for the year how much was his profit or loss? 2) In 2025, assuming Shane made an additional investment of $51,000 for the year and no drawings in 2024, how much was his profit or loss? 3) In 2026, assuming Shanes made an additional investment of $10,000 and his drawings were $41,000 for the year, how much was his profit or loss?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter5: Closing Entries And The Post-closing Trial Balance
Section: Chapter Questions
Problem 10E: Prepare a statement of owners equity for The Lindal Clinic for the year ended December 31. P....
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