Alphabetical order in a professional service

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Reference no: EM13955909

The balances below are shown in alphabetical order in a professional service firm's ledger at the end of a financial year. Required: Calculate a. The profit for the year b. The shareholders' equity at the end of the year Advertising expense $15,000 Bank 5,000 Shareholder's equity at the beginning of the year 71,000 Accounts payable 11,000 Accounts receivable 12,000 Fixed assets 100,000 Income 135,000 Rent expense 10,000 Salary expense 75,000

Reference no: EM13955909

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