The ending balance in retained earnings appears on the:
A) balance sheet only
B) income statement
C) balance sheet and statement of retained earnings
D) statement of retained earnings only

Question

Quizplus · Accepted Answer

The ending balance in retained earnings is reported on both the balance sheet and the statement of retained earnings. The balance sheet includes the total amount of retained earnings as part of the equity section, while the statement of retained earnings provides a detailed breakdown of the changes in retained earnings during the accounting period. The income statement, on the other hand, reports the company's revenues, expenses, and net income or loss for the period, but does not report the ending balance in retained earnings.

The Ending Balance in Retained Earnings Appears on The