After adjusting entries are prepared and posted,but before closing entries are prepared and posted,the balance in Retained Earnings is equal to:
A)zero.
B)the difference between total assets and total liabilities.
C)the amount that is to be reported in the current year's balance sheet.
D)the amount that was reported on the previous year's balance sheet.

Question

Quizplus · Accepted Answer

The adjusted trial balance shows the beginning balance in Retained Earnings,that is,the amount of Retained Earnings reported on the previous year's balance sheet.

After Adjusting Entries Are Prepared and Posted,but Before Closing Entries