Skip to main content
M
mblittle15
June 29, 2024
Solved

business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year

  • June 29, 2024
  • 1 reply
  • 0 views

The business started in 2021 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year?

Best answer by BigRedConsulting

Generally, only current earnings become retained earnings. Owner's equity isn't normally closed into retained earnings, so there may not be anything to do.

 

1 reply

BigRedConsulting
BigRedConsultingAnswer
July 1, 2024

Generally, only current earnings become retained earnings. Owner's equity isn't normally closed into retained earnings, so there may not be anything to do.

 

    M
    mblittle15Author
    July 1, 2024

    Thank you for answering!

      Terms & ConditionsAccessibility statement