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:

Socioeconomic Status

An individual's or family's economic and social position in relation to others, based on income, education, and occupation.

Cancer Rates

The incidence or number of new cases of cancer per population in a specified period.

Socioeconomic Status

A combined measure of an individual's or family's economic and social position in relation to others, often based on income, education, and occupation.

Cancer Rates

Statistics that indicate the prevalence or incidence of cancer within a specific population or demographic.