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mblittle15
Level 1

business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year

The business started in 2021 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year?

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Best answer July 01, 2024

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BigRedConsulting
Community Champion

business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year

Generally, only current earnings become retained earnings. Owner's equity isn't normally closed into retained earnings, so there may not be anything to do.

 

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BigRedConsulting
Community Champion

business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year

Generally, only current earnings become retained earnings. Owner's equity isn't normally closed into retained earnings, so there may not be anything to do.

 

mblittle15
Level 1

business started in 2019 with $1000 of owner's equity and that has never been closed into retained earnings so is it too late or can I do it this year

Thank you for answering!

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