Presented below is information related to the sole proprietorship of John Newman, attorney. Legal service revenue2012 $360,000

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Presented below is information related to the sole proprietorship of John Newman, attorney.

Legal service revenue—2012 $360,000
Total expenses—2012 211,000
Assets, January 1, 2012 85,000
Liabilities, January 1, 2012 62,000
Assets, December 31, 2012 168,000
Liabilities, December 31, 2012 70,000
Drawings—2012 ?

Instructions
Prepare the 2012 owner’s equity statement for John Newman’s legal practice.

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Accounting Tools for business decision making

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Question Posted: Nov 12, 2022 09:21 AM

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Presented below is information related to the sole proprietorship of John Newman, attorney. Legal service revenue2012 $360,000

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2012 Owners Equity Statement Legal service revenue 360000 Total expenses 211000 Net income 149000 Be...View the full answer

Accounting Tools for business decision making

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