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Calculate the profit or loss for the year

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The medical practice of Dr. W. Jarratt and Dr. M. Bramstrup had the following general ledger account balances at April 30, 2021, its fiscal year end:

Accounts payable                                  $26,600

M. Bramstrup, drawings                           $123,000

Accumulated depreciation-equipment            16,600

Operating expenses                                152,100

Cash                                                       35,300

Service revenue                                     382,000

Equipment                                            75,900

W. Jarratt, capital                                    36,300

M. Bramstrup, capital                              51,800

W. Jarratt, drawings                             127,000

Question 1: Calculate the profit or loss for the year.

Reference no: EM132583980

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