The Income Statement for Hudson Company Reported Net Income of $345,000

question 92

Essay

The income statement for Hudson Company reported net income of $345,000 for the year ended December 31 before considering the following:

◉During the year the company purchased trading securities.
◉At year end, the fair value of the investment portfolio was $23,000 less than cost.
◉The balance of Retained Earnings was $823,000 on January 1.
◉Hudson Company paid $43,000 in cash dividends during the year.

Calculate the balance of Retained Earnings on December 31.

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Definitions:

Workplace Conflict

Disagreements or disputes between individuals in a work environment, often arising from differences in opinions, goals, or work styles.

Waste Time

To use time inefficiently or unproductively, often on activities that offer no valuable outcome.

Sexually-Oriented

Content or activities focused on sexual interests, behaviors, or orientations.

Sexual Harassment

Unsolicited sexual propositions, solicitation for sexual gratuities, and various forms of sexual natured verbal or physical abuse.