the balances below are shown in alphabetical order in a professional service firm s 591965

(Calculation of Profit and shareholders” equity) The balances below are shown in alphabetical order in a professional service firm”s ledger at the end of a financial year.

Calculate

1. The profit for the year
2. The shareholders” equity at the end of the year

Advertising	$15,000
Bank	5,000
Shareholder”s equity at the beginning of the year	71,000
Accounts payable	11,000
Accounts receivable	12,000
Fixed assets	100,000
Income	135,000
Rent	10,000
Salaries	75,000