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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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.
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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