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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
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: Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (a) 2024, assuming Shane Cooke's drawings were $50,000 for the year. Profit/(Loss) \$ (b) 2025, assuming Shane Cooke made an additional investment of $40,000 and had no drawings in 2024. Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) (a) 2024, assuming Shane Cooke's drawings were $50,000 for the year. Profit/(Loss) \$ (b) 2025, assuming Shane Cooke made an additional investment of \$40,000 and had no drawings in 2024. Profit / (Loss) $ (c) 2026, assuming Shane Cooke made an additional investment of $10,000 and his drawings were $60,000 for the year. Profit / (Loss) $
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