If you have never tried to quit smoking cold turkey, it will likely be a learning experience. Even if you don't successfully quit using this method, you may learn things about yourself and your habit that will help you quit on a future attempt.
After you've made a list of liabilities, divide them into two categories: 1  Liabilities that will be ongoing during probate -- these will be administrative expenses. 2  Liabilities that can be paid off in full after the probate estate is opened -- these are the decedent's final bills.
The total expenses must include all money that was taken from the company. Subtract the Total Expenses from the Total Revenue figure. The result is the Retained Earnings. This is the amount of money the company is either holding over to the next year or has lost throughout the year.