The Following Information Was Extracted from the Accounts of Tomato

question 44

Multiple Choice

The following information was extracted from the accounts of Tomato Corporation at December 31, 2020: $\begin{array}{llcc}& \underline{ \text { CR (DR) }}\ \\ \text { Total reported income since incorporation................... } &\$1,540,000\\ \text {Total cash dividends paid ............................................ } &(550,000) \\ \text { Cumulative effect of changes in accounting principle............. } &(154,000) \\ \text {Total stock dividends distributed ......................................... } &(330,000) \\ \text {Correction of an error, recorded January 1, 2020 ............... } &84,700\\\end{array}$
What should be the balance of retained earnings at December 31, 2020?

• A) $465,300
• B) $550,000
• C) $590,700
• D) $506,000

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Definitions:

Psychotherapist

A trained professional who employs psychological methods and strategies to assist individuals, couples, and groups improve their mental health and well-being.

Masturbation

is a sexual activity where an individual stimulates their own genitals for sexual pleasure, sometimes to the point of orgasm.

Health Professionals

Qualified individuals who provide services aimed at promoting, maintaining, or restoring health, including doctors, nurses, therapists, and pharmacists.

Common

Occurring frequently or widely accepted or found in a particular area or group.