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

question 45

Essay

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.

Identify and apply the Golden Rule in ethical decision-making.

Recognize and differentiate between primary values, including freedom.

Distinguish between ethical standards, values, and ideations in a business context.

Acknowledge that reasonable people can disagree on solutions to ethical dilemmas.

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Definitions:

Public Goods

Items that are non-excludable and non-rivalrous, meaning they can be enjoyed by everyone, regardless of whether they contribute to their provision.

Protective Function

Activities carried out by the government to safeguard the economy and its agents, such as regulation and enforcement.

Government

The organization, or system, by which a community or nation is governed, typically involving institutions and practices of authority.

Person and Property

Identifies legal concepts relating to individuals and their rights concerning possessions or assets.