Exercise 1-16
Present below is information related to the sole proprietorship of Kevin Johnson, attorney.
Legal service revenue—2008 $350,000
Total expenses—2008 211,000
Assets, January 1, 2008 85,000
Liabilities, January 1, 2008 62,000
Assets, December 31, 2008 168,000
Liabilities, December 31, 2008 85,000
Drawings—2008 ?
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