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The following information applies to the questions displayed below. ] Assume for each of the following independent cases that the annual accounting period ends on

The following information applies to the questions displayed below.]
Assume for each of the following independent cases that the annual accounting period ends on December 31. Revenues for the year were $165,000. Expenses for the year were $186,000.
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 $68,000 and the drawing account shows a balance of $8,000.
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, $45,000; Up, Capital, $45,000; Rise, Drawings, $7,000; and Up, Drawings, $9,000. Profits and losses are divided equally.
Case C: Assume that RiseUp Company is a corporation.
2. 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

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