Assume for each of the following independent cases that the annual accounting period ends on December 31. Revenues for the year were $144,000. Expenses for the year were $167,000. Case A: Assume that the company is a sole proprietorship owned by Proprietor A. Prior to the closing entries, the capital account reflects a balance of $59,000 and the drawing account shows a balance of $14,000. Case B: Assume that the company is a partnership owned by Partner A and Partner B. Prior to the closing entries, the owners' equity accounts reflect the following balances: A, Capital, $58,000; B, Capital, $58,000; A, Drawings, $8,000; and B, Drawings, $10,000. Profits and losses are divided equally. Case C: Assume that the company is a corporation. Required: 1. Provide all the closing entries required at December 31 for each of the separate cases. 2. Show how the statement of owners equity would appear at December 31 for Case A and Case B.

Eliminating entries (including goodwill impairment) and worksheets for various years on january 1, 2013, porter company purchased an 80% interest in the capital stock of salem company for$850,000. at that time, salem company had capital stock of $550,000 and retained earnings of $80,000.differences between the fair value and the book value of the identifiable assets of salem company were asfollows: fair value in excess of book valueequipment$130,000land65,000inv entory40,000the book values of all other assets and liabilities of salem company were equal to their fair values onjanuary 1, 2013. the equipment had a remaining life of five years on january 1, 2013. the inventory was sold in2013.salem company’s net income and dividends declared in 2013 and 2014 were as follows: year 2013 net income of $100,000; dividends declared of $25,000year 2014 net income of $110,000; dividends declared of $35,000required: a. prepare a computation and allocation schedule for the difference between book value of equity acquired andthe value implied by the purchase price. b.present the eliminating/adjusting entries needed on the consolidated worksheet for the year endeddecember 31, 2013. (it is not necessary to prepare the worksheet.)lo6lo1

Match each item to check for while reconciling a bank account with the document to which it relates.(there's not just one answer)1. balancing account statement2. balancing check registera. nsf feesb. deposits in transitc. interest earnedd. bank errors

Coca-cola was primarily known for its core competencies in marketing, bottling, and distributing aerated drinks. however, with the success of gatorade, coca-cola developed competencies in the development and marketing of its own sports drink, powerade. which of the following is true of coca-cola? a. it is leveraging existing core competencies to improve current market position. b. it is building new core competencies to protect and extend its current market position. c. it is redeploying and recombining existing core competencies to compete in markets of the future. d. it is targeting the chasm between the early adopter and early majority market segment.