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.
The answer is Retained Earnings, which appears on the statement of retained earnings and the balance sheet. Do not take the Retained Earnings balance from the trial balance. Use the ending balance from the statement of retained earnings. Here is our basic balance sheet: Notice that the equation does balance. The amount in Retained Earnings is the amount from the statement of retained earnings and not the trial balance.