Asole proprietorship was started on january 1, 2014, when it received $30,000 cash from alex ard, the owner. during 2014, the company earned $50,000 in cash revenues and paid $22,300 in cash expenses. ard withdrew $10,000 cash from the business during 2014. required prepare an income statement for ard’s 2014 fiscal year.

In north korea, a farmer’s income is the same as a dentist’s income. in a country with a mixed or market economy, the difference between those two professions might be more than 5 times different. how can you explain the fact that individuals doing the same work in different countries do not earn comparable salaries?

Trade will take place: a. if the maximum that a consumer is willing and able to pay is less than the minimum price the producer is willing and able to accept for a good. b. if the maximum that a consumer is willing and able to pay is greater than the minimum price the producer is willing and able to accept for a good. c. only if the maximum that a consumer is willing and able to pay is equal to the minimum price the producer is willing and able to accept for a good. d. none of the above.

On january 1, a company issued and sold a $398,000, 6%, 10-year bond payable, and received proceeds of $393,000. interest is payable each june 30 and december 31. the company uses the straight-line method to amortize the discount. the journal entry to record the first interest payment is: