Assume for each of the following independent cases that the annual accounting period ends on December $31.$ Revenues

for the year were $$145,000.$ Expenses for the year were $$166,000.$

Case A: Assume that RiseUp Company is a sole proprietorship owned by Mrs$.$ Rise. Prior to the closing entries, the capital

account reflects a balance of $$60,000$ and the drawing account shows a balance of $$13,000.$

Case B: Assume that RiseUp Company is a partnership owned by Mrs$.$ Rise and Mr$.$ Up$.$ Prior to the closing entries, the

owners' equity accounts reflect the following balances: Rise, Capital, $$53,000$; Up$,$ Capital, $$53,000$; Rise, Drawings,

$$15,000$; and Up$,$ Drawings, $$17,000.$ Profits and losses are divided equally.

Case C: Assume that RiseUp Company is a corporation.

Show how the statement of owner's equity would appear at December $31$ for Case A and Case B$.$

Case A: Sole Proprietorship

Case B: Partnership

Complete this question by entering your answers in the tabs below.

Case A Sole

Case B

Proprietorship

Partnership

Show how the statement of owner's equity would appear at December $31$ for Case A: Sole Proprietorship.

$2)$ Show how the statement of owner's equity would appear at December $31$ for Case B: Partnership.

Statement of Partners$$ Equity

Rise Up Total

Total