0
Add your answer:
Earn +20 pts
Can you debit asset and credit Retained earnings?
Assets are increased with a debit and decreased by a credit. Retained earnings is a credit, as they are an owners equity account and increase with credit.Retained earnings is what a company has after all expenses and dividends (if applicable) are paid. Retained earnings is shown on the Statement of Retained Earnings and is a credit which increases OE.
Are unappropriated retained earnings in a c corp subject to income tax if distributed to shareholders?
Retained earnings are retained on the balance sheet after being earned and taxed. To distribute them to shareholders, they would be dividended, which is not deductible and done with after tax money to the company, and is taxable to the recepient.
Is retained earnings a normal debit or credit balance?
The retained earnings account usually carries a credit balance.
Does retained earnings have a debit balance?
Retained Earnings normally has a credit balance. Net loss will be debited to Retained Earnings account thus results to a debit balance. Retained Earnings with a debit balance will be called as 'Deficits" or "Accumulated Deficits".
Are retained earnings debit or credit?
purchase a/c
What is the difference between appropriated and unappropriated retained earnings?
Net earning of the firms, included retained earning, dividend etc.
Can you debit asset and credit Retained earnings?
Assets are increased with a debit and decreased by a credit. Retained earnings is a credit, as they are an owners equity account and increase with credit.Retained earnings is what a company has after all expenses and dividends (if applicable) are paid. Retained earnings is shown on the Statement of Retained Earnings and is a credit which increases OE.
Are unappropriated retained earnings in a c corp subject to income tax if distributed to shareholders?
Retained earnings are retained on the balance sheet after being earned and taxed. To distribute them to shareholders, they would be dividended, which is not deductible and done with after tax money to the company, and is taxable to the recepient.
What is the normal balance of retained earnings?
normal balance of retained earnings: credit.
Is retained earnings a normal debit or credit balance?
The retained earnings account usually carries a credit balance.
Does retained earnings have a debit balance?
Retained Earnings normally has a credit balance. Net loss will be debited to Retained Earnings account thus results to a debit balance. Retained Earnings with a debit balance will be called as 'Deficits" or "Accumulated Deficits".
Are retained earnings debit or credit?
purchase a/c
Is Retained earnings in a profitable company a debit or a credit?
debit
Can you debit account payable and credit retained earnings?
yes
Retained earnings debit or credit?
Retained earnings are the profit of previous fiscal years and liability of business to return back to it's owner so it has a credit balance as of all liability accounts.
Which financial statement summarizes the changes in retained earnings?
Stetement of retained earnings summarizes the changes occured in retained earnings from opening balance to closing balance.
What are the reasons for not using retained earnings when starting a new business?
A new business has no retained earnings. Retained earnings are prior years earnings that have not been distributed to the shareholders... if it is a brand new business there is no possible way to have retained earnings at inception date.
