Exercise 1-16

Presented below is information related to the sole proprietorship of Ruth Lewis, attorney.

Legal service revenue?2020$344,000Total expenses?2020212,000Assets, January 1, 202096,000Liabilities, January 1, 202061,000Assets, December 31, 2020166,000Liabilities, December 31, 2020105,000Drawings?2020?

Prepare the 2020 owner's equity statement for Ruth Lewis's legal practice.

Exercise 1-16 Presented below is information related to the sole proprietorship of Ruth Lewis, attorney. Legal service revenue-2020 $344,000 Total expenses-2020 212,000 Assets, January 1, 2020 96,000 Liabilities, January 1, 2020 61,000 Assets, December 31, 2020 166,000 Liabilities, December 31, 2020 105,000 Drawings-2020 ? Prepare the 2020 owner's equity statement for Ruth Lewis's legal practice. (List items that increase owner's equity first.)Prepare the 2020 owner's equity statement for Ruth Lewis's legal practice. (List items that increase owner's equity first.) RUTH LEWIS, ATTORNEY Owner's Equity Statement tA V V Click if you would like to Show Work for this question: Open Show Work