(Answered) Prepare the 2010 income statement for summers cruise

Accounting

Prepare the 2010 income statement for Summers Cruise Company. 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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