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Assume the beginning balance in the Retained Earnings account is zero. If a debit balance exists in Retained Earnings after closing out revenues and expenses at the end of the current period, it indicates:
Destroyed Inventory
Goods that have been damaged or rendered unsellable, resulting in a loss for the business.
Retail Inventory Method
An accounting procedure for estimating the value of a store's merchandise by using a percentage of the retail prices.
Cost-to-Retail Ratio
The cost-to-retail ratio is a calculation used in inventory management to estimate the value of ending inventory at retail prices by considering the cost and retail value of goods available for sale.
Estimated Cost
An approximation of the costs associated with a project or production, prior to actual expenditure.
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