A firm's year-end retained earnings balance are $670,000 and $550,000 for 2018 and 2017, respectively. The firm reported net profits after taxes of $100,000 in 2018. The firm paid dividends of in 2018. A. $100,000
B. $110,000
C. $210,000
D. $220,000

C. $210,000

Explanation:

Calculation for amount the firm paid dividends in 2018

Using this formula

Dividend= Retained Earnings beginning balance + Profit after taxes - Retained Earnings ending balance

Let plug in the formula

Dividend= $670,000 + $100,000 -$560,000

Dividend= $210,000

Therefore the firm paid dividends of $210,000 in 2018

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empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.