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    cwilson46's Avatar
    cwilson46 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 9, 2008, 06:23 PM
    Finance statement
    How do you find the total assets?
    Retained earnings
    Total liabilities
    Declared dividends?
    What do you add for each one of these?
    plonak's Avatar
    plonak Posts: 742, Reputation: 117
    Senior Member
    		  
    #2

    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's Avatar
    jean3255 Posts: 9, Reputation: 1
    New Member
    		  
    #3

    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.
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