E1-16 Presented below is information related to Kevin and Johnson, Attorneys at Law.
Retained earnings, January 1, 2008 $ 23,000
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
Dividends—2008 79,000
Instructions:Prepare the 2008 retained earnings statement for Kevin and Johnson, Attorneys at Law.
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