A company has the following information available for the year ending December 31,2014:
REQUIRED:
Calculate the company's (A)net income or loss for the year ending December 31,2014 and (B)the balance in Retained Earnings on 1/1/2014.
Definitions:
Correspondence Bias
The tendency to attribute a person's behavior to their disposition or personality while underestimating situational influences.
Simulation Heuristic
The tendency to judge the frequency or likelihood of an event by the ease with which you can imagine (or mentally simulate) it.
Representativeness Heuristic
The tendency to judge the frequency or likelihood of an event by the extent to which it resembles the typical case.
Actor/observer Bias
The tendency to attribute one's own actions to external factors while attributing others' actions to their character or disposition.
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