Take a step back in time and imagine Krispy Kreme in its infancy as a company. The Required I* Read the hlstory of Krispy Kreme at KrispyKreme.com/historv.htinl. Can you determine from tion?1017 WhetheT U WaS °nginally organized as a sole proprietorship, partnership, or corpora-

2. Assume that Krispy Kreme was originally organized as a partnership. Krispy Kreme’s income statement in Appendix A varies in several key ways from what it would look like for a partner¬ ship. Explain how a corporate income statement differs from a partnership income statement.

3. Compare the Krispy Kreme balance sheet in Appendix A to what a partnership balance sheet would have shown in 1937. Identify and explain any account differences you would anticipate.