Content What is the purpose of a LIFO reserve? Want More Helpful Articles About Running a Business? Posted In: Managerial Accounting Breaking Down the LIFO Reserve Account How to Report Ending Inventory on a Balance Sheet What does it mean Read More …

Content Statement of Owner’s Equity Dividends AccountingTools Accounting Newbie? 3: Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet The retained earnings account is a permanent (owner’s equity) account and is thus never closed out. It remains as Read More …