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Financial Accounting

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Moderate

Solve For Profit Before Adjusting Entries From Trial Balance

FINACT-DUATBL

The unadjusted trial balance for Copter Inc. for the most recent year is shown below.

Unadjusted Trial Balance DEBIT CREDIT
Cash \$100,000
Accounts Receivable \$40,000
Prepaid Rent \$10,000
Equipment, net \$300,000
Accounts Payable \$40,000
Note Payable \$100,000
Common Stock \$10,000
Retained Earnings --?--
Service Revenues \$600,000
Cost of Goods Sold \$150,000
Rent Expense \$50,000
Salaries & Wages Expense \$100,000
Other Operating Expenses \$40,000
Interest Expense \$10,000



What is the amount of profit or loss before adjusting entries are booked for the period?