Based on the Information Provided, Prepare the Statement of Retained

question 102

Essay

Based on the information provided, prepare the statement of retained earnings.
1. On June 1 2013, Accounting Consulting incorporated.
2. Accounting Consulting issued 500 shares at $20 per share.
3. In their first month, they have earned $10,000 in revenue.
4. In their first month, they incurred $6,000 in expenses.

Recognize the characteristics and benefits of different savings and retirement plans.

Know the annual audit percentage for tax filers and implications.

Comprehend the tax implications of excise taxes on specific goods and services.

Identify the differences between types of income and how they are taxed.

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Definitions:

Total Inventory

The complete value of a company's raw materials, work-in-progress, and finished goods at a given time.

Perpetual Inventory System

A system for tracking inventory accounting that instantly logs each sale or acquisition of inventory through computerized point-of-sale systems and software for managing enterprise assets.

LIFO

A rephrased definition: An accounting approach to inventory and cost of goods sold valuation that assumes the most recently acquired items are the first to be sold.

Ending Inventory

The value of goods available for sale or use at the end of an accounting period.