PROBLEM 3 RETAINED EARNINGS STATEMENT 16 of 20 Presented below are some of the account balances and other information for Budget Burials. Retained Earnings, January 1, 2021 3,000 Increase in net income for 2020 due to change in estimate of uncollectible accounts from 3% to 2%. (before tax) 2,000 Net income for the year 10,000 Dividends declared on preferred stock 2,000 Dividends declared on common stock 1,000 Income tax rate 30% Number of common shares authorized, issued and outstanding 100 Cumulative decrease in net income from change of inventory methods (before taxes) 3,000 Prior period adjustment: overstatement of depreciation expense for 2020 (before taxes) 600 Decrease in net income for 2020 due to change in estimated 5,000 life of plant assets during 2020 (before tax) INSTRUCTIONS: Prepare a retained earnings statement for the year ended December 31, 2021

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.