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Net Income in Retained Earnings on the Balance Sheet

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Posted on by john.ellis

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Hi:

Of course, Net Income is an element of the Income Statement and not the Balance Sheet.

Accounting, however, dictates that Net Income is a part of Retained Earnings on the Balance Sheet.

So, how do you "place" Net Income in Retained Earnings through an Account Schedule?

Thanks!

John

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tlhgolfer 23 on at

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John,

You would just need to have the Retained Earnings account and the range of the others.

3999|4000..9999

Hope this helps,

Tanya

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Dallefeld 211 User Group Leader on at

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If you are talking current year, it's nice to show Prior Year Retained Earnings and Current Year Net Income on the balance sheet as part of the equity section? Of course Retained Earnings from Prior Years should have been updated through the Close Income Statement process.

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