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Calculate the balance in owner equity for erica thompson

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Reference no: EM132984864

Presented below is information related to the cybersecurity consulting firm of Erica Thompson.

Service revenue-2022          $ 425,000

Total expenses-2022            195,000

Assets, January 1, 2022      102,000

Liabilities, January 1, 2022   85,000

Assets, December 31, 2022  168,000

Liabilities, December 31, 2022  105,000

Drawings-2022                      ?

Problem 1: Calculate the balance in owner's equity for Erica Thompson's cybersecurity consulting firm as of January 1, 2022 and as of December 31, 2022.

Reference no: EM132984864

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