Elston Company Compiled the Following Financial Information as of December

question 27

Multiple Choice

Elston Company compiled the following financial information as of December 31 2022: $$\begin{array} { l r } \text { Service revenue } & \$ 840,000 \\\text { Common stock } & 180,000 \\\text { Equipment } & 240,000 \\\text { Operating expenses } & 750,000 \\\text { Cash } & 210,000 \\\text { Dividends } & 60,000 \\\text { Supplies } & 30,000 \\\text { Accounts payable } & 120,000 \\\text { Accounts receivable } & 300,000 \\\text { Retained earnings, } 1 / 1 / 22 & 450,000\end{array}$$ Elston's retained earnings on December 31 2022 are

• A)$450000.
• B)$540000.
• C)$480000.
• D)$ 30000.

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Definitions:

Material Culture

Refers to the physical objects, resources, and spaces that people use to define their culture. These include buildings, tools, and artwork, representing the tangible or visible aspects of a society.

Technology

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machines, techniques, and processes.

Cultural Change

The modification of a society's cultural patterns over time, including changes in norms, values, practices, and symbols.

Cultural Diffusion

The spread of cultural beliefs and social activities from one group to another, blending cultures over time.