Reference no: EM131216310
Can you assume for each of the following independent cases that the annual accounting period ends on December 31, 2014, and that the revenue and expense accounts at that date reflect a loss of $30,000.
Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a credit balance of $65,000 and the drawing accounts shows a balance of $10,000.
Case B: Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owner’ equity accounts reflect the following balances: A, Capital $34,000; B, Capital $34,000; A, Drawing $4,000; and B, Drawing $6,000. Profits and losses are divided equally.
Case C: Assume that the company is a corporation. Prior to the closing entries, the stockholders’ equity accounts show the following: Common Stock, par $10, authorized 30,000 shares, issued and outstanding 15,000 shares: Capital in Excess of Par, $9,000; Retained Earnings, $75.000.
REQUIRED:
Give all the closing entries indicated at December 31, 2014, for each of the separate cases.
Show how the owners; equity section of the balance sheet would appear at December 31, 2014, for each case.
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