The following balances are shown in alphabetical order in a professional service firm’s accounting system at the end of a financial year:
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the following balances are shown in alphabetical order in a professional service fir 612861
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Advertising |
15,000 |
|
Bank |
5,000 |
|
Equity |
71,000 |
|
Income |
135,000 |
|
Equipment |
100,000 |
|
Payables |
11,000 |
|
Receivables |
12,000 |
|
Rent |
10,000 |
|
Salaries |
75,000 |
Calculate:
a. the profit for the year
b. the equity at the end of the year
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