(Answered) Question - beta corp reported retained earnings of 500000

Accounting

Question - Beta Corp. reported retained earnings of $500,000 on its year-end of December 31, 2012. In 2013, Beta changed its method of accounting for inventory from LIFO to FIFO-resulting in a before-tax $400,000 cumulative change in accounting principle. Additionally, in 2013, Beta discovered that it had forgotten to book $100,000 of before-tax expenses in 2012. If Beta had $350,000 of net income in 2013, declared but did not yet pay a dividend of $50,000, and had a tax rate of 40%, what is Beta's retained earnings balance for the end of 2013?

A. $980,000

B. $1,030,000

C. $1,100,000

D. None of the above.

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