Presented below is information related to the sole proprietorship of Helen Archer, attorney. Legal service revenue2020 ...........$330,000

Question:

Presented below is information related to the sole proprietorship of Helen Archer, attorney.
Legal service revenue—2020 ...........$330,000
Total expenses—2020 ........................211,000
Assets, January 1, 2020 .........................98,000
Liabilities, January 1, 2020 ....................62,000
Assets, December 31, 2020 ................168,000
Liabilities, December 31, 2020 ...........100,000
Drawings—2020 ...........................................?


Instructions
Prepare the 2020 owner’s equity statement for Helen Archer’s legal practice.

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Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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