View Full Version : Finance statement
cwilson46
Sep 9, 2008, 06:23 PM
How do you find the total assets?
Retained earnings
Total liabilities
Declared dividends?
What do you add for each one of these?
plonak
Sep 10, 2008, 11:41 AM
I don't know if I really understand your question
Assets= add debits and subtract credits
Liabilities= add credits and subtract debits
Expenses= add debits and Subtract Credits
Revenues= add credits and subtract debits
Retained earnings is the account that you close your net income to.. at year end you are soposed to close your expenses/Income to the balance sheet (retained earnings account)
jean3255
Sep 10, 2008, 04:58 PM
Assets and Liabilities equal your balance sheet. Income less expenses equals your p & l.
Year end the difference between income and expenses are your retained earnings and each physical year starts a new p & l.
Your net worth shows up on your balance sheet as the difference.