The Income Statement for Dodson Corporation Reported Net Income of $22,400

question 25

Essay

The income statement for Dodson Corporation reported net income of $22,400 for the year ended December 31 before considering the following:

◉During the year the company purchased available-for-sale securities.
◉At year end, the fair value of the investment portfolio was $2,100 more than cost.
◉The balance of Retained Earnings was $83,000 on January 1.
◉Dobson Corporation paid $9,000 in cash dividends during the year.

Calculate the balance of Retained Earnings on December 31.

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Definitions:

Racial Discrimination

Unfair treatment of individuals based on their race, leading to inequalities in various aspects of life, including employment, education, and justice.

Experimental Method

A research methodology that systematically manipulates one variable to test its effect on another, allowing for controlled observations and conclusions about causality.

Fake Resumes

Deliberately falsified curricula vitae or resumes used by job applicants to misrepresent their education, experience, or qualifications.

Scientific Method

A method of procedure consisting in systematic observation, measurement, and experiment, and the formulation, testing, and modification of hypotheses.