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Eric Lu began a small business on 1 July 2015 by depositing $247,500 into a business bank account. On 30 June for the next 3
Eric Lu began a small business on 1 July 2015 by depositing $247,500 into a business bank account. On 30 June for the next 3 years, the assets and liabilities of the business were as follows:
30 June | Total assets | Total liabilities |
2016 | $574,200 | $346,500 |
2017 | 643,500 | 366,300 |
2018 | 732,600 | 415,800 |
By analysing the changes in equity each year, calculate the profit (loss) made by the business for each year ending 30 June, assuming the following events also occurred.
1. | On 1 January 2016, Eric withdrew $19,800 in cash from the business for personal use. |
2. | On 28 August 2016, Eric invested additional cash of $29,700 into the business. |
3. | On 31 July 2017, Eric invested additional cash of $24,800 into the business. |
4. | On 28 January 2018, Eric withdrew $29,700 in cash for personal use. |
(Enter negative amounts using either parentheses, for example (400), or a negative sign preceding the number, for example -400.)
Profit (loss) for 30 June 2016 | $ |
Profit (loss) for 30 June 2017 | $ |
Profit (loss) for 30 June 2018 | $ |
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