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    MsMCY's Avatar
    MsMCY Posts: 3, Reputation: 1
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    #1

    Dec 13, 2010, 08:33 PM
    Retained Earnings
    Retained Earnings is an account that is used only in a:
    A. Partnership
    B. Corporation
    C. Proprietorship
    D. All the above

    HELP SOMEONE?
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Dec 13, 2010, 08:42 PM

    Retained earnings is the portion of net income that is retained by a Corporation, rather than distributed as dividends.

    Sole proprietors will have an account called Owner's Equity or Owner's Capital. With partnerships, net income (loss) is distributed to the various partners based on their appropriate allocation, and you will have a separate capital account for each partner.
    MsMCY's Avatar
    MsMCY Posts: 3, Reputation: 1
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    #3

    Dec 13, 2010, 08:47 PM
    Comment on Just Looking's post
    Thanks. Can you answer the other question too?
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