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Determine the net profit or loss for peter paper company

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Reference no: EM132843618

Peter is head of accounting at the paper company that he works at and recorded the following statements:

Service Revenue: $20,000

Cash: $2,000

Accounts Receivable: $3,000

Office Supplies: $1,000

Salaries Payable: $5,000

Wages Expense: $15,000

Rent Expense: $2,000

Problem 1: Using this data, determine the net profit or loss for Peter's paper company.

Reference no: EM132843618

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