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July 29, 2014

Homework Help: Accounting

Posted by Anonymous on Wednesday, February 13, 2008 at 10:34pm.

What is the amount for drawings and ending capital for the following?

Information related to the proprietorship of Laura Mills, lawyer, for the year ended January 31, 2003, is presented below:

Legal Fees Earned - $360 000
Total Expenses - $205 000
Assets, Feb. 1 2002 - $85 000
Liabilities, Feb. 1 2002 - $62 000
Assets, Jan. 31 2003 - $168 000
Liabilities, Jan. 31 2003 - $70 000
Drawings - ?

***QUESTION: What is the amount for drawings and ending capital? I don't know how to solve this problem.

I know the formula:

Beginning Capital + Inventory - Drawings + Net Income = Ending Capital

This is what I have so far:

23 000 + Inventory - Drawings + 155 000 = Ending Capital

Now what?

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