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The income statement for Dodson Corporation reported net income of $22,400 for the year ended December 31, 2012 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 December 31, 2011. Dobson Corporation paid $9,000 in cash dividends in 2012. Calculate the balance of retained earnings on December 31, 2012.
Reactant
Substance that participates in a reaction.
Product
An item or substance that is manufactured or refined for sale.
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Biological catalysts that speed up chemical reactions in cells, thus playing a critical role in metabolism.
Humans
A species of bipedal primates, scientifically known as Homo sapiens, characterized by advanced brain development, language use, and tool making.
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