Solved: Prepare owners equity statement for sergio santos practice, Accounting Basics

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Prepare owners equity statement for sergio santos practice

Question:

1. Presented below is information related to the sole proprietorship of Sergio Santos attorney.

Legal service revenue-2012 $335,000
Total expenses-2012 211,000
Assets, January 1, 2012 96,000
Liabilities, January 1, 2012 62,000
Assets, December 31, 2012 168,000
Liabilities, December 31, 2012 100,000
Drawings-2012 ?

Instructions

Prepare the 2012 owner's equity statement for Sergio Santos' legal practice.

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Accounting Basics: Prepare owners equity statement for sergio santos practice

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Accounting Basics: Prepare owners equity statement for sergio santos practice

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