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Cost Accounting
The medical practice of Dr. W. Jarratt and Dr. M.

The medical practice of Dr. W. Jarratt and Dr. M.

The medical practice of Dr. W. Jarratt and Dr. M. Bramstrup had the following general ledger account balances at April 30, 2014, its fiscal year end:

(a) Calculate the profit or loss for the year.
(b) Prepare the statement of partners' equity and the balance sheet, assuming the doctors share profit or loss equally.

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Cost Accounting Questions

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Accounts payable Accumulated depreciation $25,000 M. Bramstrup, drawings Operating expenses $120,000 145,000 equipment Cash Equipment M. Bramstrup, capital 15,000 35,000 75,000 0,000 W Jarratt, drawings Service revenue 375,000 35,000 125,000 W. Jarratt, capital