Prepare the 2010 income statement for Summers Cruise Company. E1-16 Presented below is information..

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……. $350,000Total expenses—2010……… 211,000Assets, January 1, 2010……… 85,000Liabilities, January 1, 2010……. 62,000Assets, December 31, 2010…… 168,000Liabilities, December 31, 2010…… 85,000Drawings—2010………. ?InstructionsPrepare the 2010 owner’s equity statement for Kevin Johnson’s legal practice.View Solution:
Prepare the 2010 income statement for Summers Cruise Company E1