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Retained earnings are the amount of net income retained by a company.
Income summary vs retained earnings. Net or by source such as interest income vs. Only then is the account closed. Financial statements are written records that convey the business activities and the financial performance of a company. A lot of apple s cash is parked overseas and repatriating it to the united states would incur a large tax liability around 35.
Afterward the balance in the income summary account is transferred to the retained earnings account if the business is a corporation or to the capital account of the owner for a sole proprietorship. Debit the period s dividends to the retained earnings account to close the dividend account as well.
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