But that has all changed. Venice is now more than just a beach town, more than just a tourist attraction. Venice is a brand. Or as Ernest, a man I met outside the Oakwood Community Center (he smoked a hand-rolled cigarette and declined to give me his last name), puts it: This used to be a community.
The retained earnings general ledger account is adjusted every time a journal entry is made to a revenue or expense account. Retained Earnings. Retained earnings are reported at the end of an accounting period as the accumulated amount of a company's prior earnings, net of dividends. They can show a positive earnings accumulation or can turn negative and have a deficit if a current period's net loss exceeds the period's beginning retained earnings.
Retained earnings appears on both the balance sheet and statement of owner's equity. The balance sheet lays out all assets and liabilities at the end of a given period. Retained earnings is an asset account, as it has positive value for the company. It is also shown on the owner's equity statement along with paid-in capital, which is the value of investment shares held by company owners. Retained earnings and paid-in capital combined equal owner's equity, or the net worth of the company.