Reference no: EM132598220
Question - 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 $27,000
M. Bramstrup, drawings $123,000
Accumulated depreciation-equipment 15,400
Operating expenses 144,400
Cash 36,100
Service revenue 377,000
Equipment 75,500
W. Jarratt, capital 35,800
M. Bramstrup, capital 50,800
W. Jarratt, drawings 127,000
Required - Calculate the profit or loss for the year?
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: Accumulated depreciation-equipment 15,400 and M. Bramstrup, drawings $123,000. Calculate the profit or loss for the year
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