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E1-16 Presented below is information related to the sole proprietorship of Kevin Johnson,

Price: $2.99


E1-16 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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