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.