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Presented below is information related to the sole proprietorship of Helen Archer, attorney.Legal service revenue2020 ...........$330,000Total expenses2020 ........................211,000Assets, January 1, 2020 .........................98,000Liabilities, January 1, 2020 ....................62,000Assets, December 31, 2020 ................168,000Liabilities, December 31, 2020 ...........100,000Drawings2020 ...........................................? Instructions Prepare the 2020 owners equity statement for Helen Archers legal practice.

Chapter 1, Exercises #16

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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HELEN ARCHER, ATTORNEY Owners Equity Statement For the Year Ended December 31, 2020 Owners capital, …View the full answer

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Related Book For answer-question
Accounting Principles

Accounting Principles

13th edition

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

ISBN: 978-1119411482

Answers for Questions in Chapter 1

Brief Exercises:
Continuing Case:
Critical Thinking:
DO IT! Exercises:
Ethics Case:
Exercises:
IFRS Exercise:
Problem Set A:
Questions:

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