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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