The following information is available from the records of Focus Seascapes, Inc. at the end of the 2014 calendar year:
Required:
1 What is Focus' net income for the year ended December 31, 2014?
2 What is Focus' retained earnings balance for the year ended December 31, 2014?
Definitions:
Rituals and Traditions
Established patterns of behavior and ceremonies that are performed by a society, culture, or religion.
Universality
The quality of being true or applicable in all situations, cultures, or contexts.
Theodicy
An effort to explain how the existence of evil is compatible with the existence of God.
Paul Tillich
A German-American theologian and philosopher known for his works on existentialist philosophy and Christian existentialism, notably "The Courage to Be."
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