Business, 06.06.2020 21:05, mahmudabiazp3ekot
Assume for each of the following independent cases that the annual accounting period ends on December 31. Revenues for the year were $144,000. Expenses for the year were $167,000. Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a balance of $59,000 and the drawing account shows a balance of $14,000. Case B: Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owners' equity accounts reflect the following balances: A, Capital, $58,000; B, Capital, $58,000; A, Drawings, $8,000; and B, Drawings, $10,000. Profits and losses are divided equally. Case C: Assume that the company is a corporation. Required: 1. Provide all the closing entries required at December 31 for each of the separate cases. 2. Show how the statement of owners equity would appear at December 31 for Case A and Case B.
Answers: 1
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