Presented below is information related to the sole proprietorship of Kevin Johnson, attorney. Legal service revenue2010.......$350,000 Total expenses2010......... 211,000 Assets, January 1, 2010......... 85,000 Liabilities, January 1, 2010....... 62,000 Assets, December 31, 2010...... 168,000 Liabilities, December 31, 2010...... 85,000 Drawings2010.......... ? Instructions Prepare the 2010 owners equity statement for Kevin Johnsons legal practice.
Chapter 1, Exercises #16
Presented below is information related to the sole proprietorship of Kevin Johnson, attorney.
Legal service revenue—2010.......$350,000
Total expenses—2010......... 211,000
Assets, January 1, 2010......... 85,000
Liabilities, January 1, 2010....... 62,000
Assets, December 31, 2010...... 168,000
Liabilities, December 31, 2010...... 85,000
Drawings—2010.......... ?
Instructions
Prepare the 2010 owner’s equity statement for Kevin Johnson’s legal practice.
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Answer
KEVIN JOHNSON, ATTORNEY Owners Equity Statement For the Year Ended December 31, 2010 Kevin Johnson, …View the full answer
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