Dayton Corporation Began the Current Year with a Retained Earnings

question 198

Multiple Choice

Dayton Corporation began the current year with a retained earnings balance of $32,000. During the year, the company corrected an error made in the prior year, which was a failure to record a depreciation expense of $3,000 on equipment. Also, during the current year, the company earned net income of $12,000 and declared cash dividends of $7,000. Compute the year-end retained earnings balance.

• A) $34,000
• B) $37,000
• C) $41,000
• D) $44,000

Understand the concept of absolute and comparative advantage in international trade.

Understand the shape and implications of the production possibilities curve.

Recognize the role and determination of opportunity costs in the framework of international commerce.

Interpret the significance and determinants of terms of trade.

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Definitions:

Spirochetes

Group of small bacteria shaped like a stretched-out spring.

DNA Nucleotides

The building blocks of DNA, consisting of a phosphate group, a sugar (deoxyribose), and a nitrogenous base.

Plasma Membrane Components

Constituents of the cell's outer layer, including lipids, proteins, and carbohydrates, regulating entry and exit of substances.

Cell Wall Components

Molecules that make up the cell wall, providing structure and protection to cells in plants, fungi, and some bacteria; main components include cellulose in plants.