Use the following information to prepare a multistep income statement and a balance sheet for Sherman Equipment Co. for 2016. (Hint: Some of the items will not appear on either statement, and ending retained earnings must be calculated.) (Balance Sheet only: Items to be deducted must be indicated with a minus sign.)

Salaries Expense $69,000
Operating Expenses $62,000
Common Stock 100,000
Cash Flow from Investing Activities 78,400
Notes Receivable (short term) 24,000
Prepaid Rent 12,500
Allowance for Doubtful Accounts 7,800
Land 40,000
Uncollectible Accounts Expense 8,100
Cash 48,100
Supplies 1,200
Inventory 98,300
Interest Revenue 5,400
Accounts Payable 46,000
Sales Revenue 320,000
Salaries Payable 12,000
Dividends 3,500
Cost of Goods Sold 148,000
Interest Receivable (short term) 1,500
Accounts Receivable 56,000
Beginning Retained Earnings 81,000

Which type of investment offers both capital gains and interest income? a. property b. cds c. stocks d. bonds

Alandowner entered into a written agreement with a real estate broker whereby the broker would receive a commission of 10% of the sale price if he procured a "ready, willing, and able buyer" for the landowner's property and if the sale actually proceeded through closing. the broker found a buyer who agreed in writing to buy the property from the landowner for $100,000, the landowner's asking price. the buyer put up $6,000 as a down payment. the agreement between the landowner and the buyer contained a liquidated damages clause providing that, if the buyer defaulted by failing to tender the balance due of $94,000 at the closing date, damages would be 10% of the purchase price. the landowner included that clause because she was counting on using the proceeds of the sale for a business venture that would likely net her at least $10,000. the buyer became seriously ill and defaulted. when he recovered, he demanded that the landowner return his $6,000, and the landowner refused. the broker also demanded the $6,000 from the landowner and was refused. the broker and the buyer filed separate suits against the landowner, with the buyer pleading impossibility of performance. the two cases are consolidated into a single case. how should the court rule as to the disposition of the $6,000?

Emil motycka is considered an entrepreneur because