Question

Presented below is information related to the sole proprietorship of Huan Feng attorney.
Legal service revenue—2014 ......... $335,000
Total expenses—2014 ............ 211,000
Assets, January 1, 2014 .......... 96,000
Liabilities, January 1, 2014 .......... 62,000
Assets, December 31, 2014 ......... 168,000
Liabilities, December 31, 2014 ....... 100,000
Drawings—2014 .............. ?

Instructions
Prepare the 2014 owner’s equity statement for Huan Feng’s legal practice.



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  • CreatedJanuary 30, 2014
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