Advantage Tennis Coaching, a business owned by sole trader Nicholas Cash, had the following assets and liabilities as at the financial years ended 30 June 2016 and 30 June 2017 as shown.

Required
a. What is the equity as at the end of the two financial years?
b. If Nicholas contributed an extra $15000 capital during the financial year ending 30 June 2017 and made no drawings, determine his profit (or loss) for the year, assuming the above balances remain the same.
c. If Nicholas had contributed an extra $20000 and withdrew $15000 during the year ending 30 June 2017, determine his profit (or loss) for the year, assuming the above balances remain the same.

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ASSETS Cash at bank Accounts receivable Prepaid insurance Equipment (net) Vehicle (net) LIABILITIES Accounts payable Accrued expenses Bank loan 30 June 2017 $15000 24000 5000 7000 70 000 $26.000 5000 35 000 30 June 2016 $ 6000 15000 2500 6000 80000 $17500 8000 57 500