NEED ANSWERS

Chapter 12: 1. What are some of the characteristics of a proprietorship that are different from those of a corporation? 2. What is the journal entry to record the investment of cash by the owner into a proprietorship? 3. How are the closing entries for a proprietorship different than those recorded for a corporation? 4. Why is there only one equity account on a sole proprietorship's statement of financial position and multiple accounts in the equity section of a corporate statement of financial position? 5. Define a partnership and briefly explain five characteristics. 6. What are the advantages and disadvantages of partnerships? 7. How does accounting for a partnership differ from that for a corporation? 8. How can partnership profits and losses be divided among partners? 9. Why are salary and interest bases used as a means to allocate profits and losses in a partnership? 10. How are partners' capital balances disclosed in the statement of financial position