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?

Name: AccountingShane Tamarisk began a business, on January 12024 with an i
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Description: AccountingShane Tamarisk began a business, on January 12024 with an investment of $115,000. Thecompany had the following assets and liabilitieson the dates indicated:December 31total assets$376,000$440,000$525,000total liabilities$205,000$280,000$32

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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