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.
A company keeps retained earnings for itself. The retained earnings account on the balance sheet represents the amount of money a company keeps for itself instead of paying it out to shareholders as dividends. Net income and dividends are the items that make retained earnings go up or down. Losses and dividend payments reduce retained earnings, while profits increase retained earnings.