Retained earnings captures the net income for a company. Retained earnings serve as a metric to analyze when assessing a Corporation's performance. They are sourced from temporary accounts housing the corporation's operating revenue, expenses, and distributions of earnings.Which are closed at the end of each period.

Discuss why closing entries are needed for retained earnings at the end of a period and what the result says to stakeholders.

Answer rating: 100% (QA)

Closing entries are necessary for retained earnings at the end of a period to accurately reflect the net income or loss generated during that period T... View the full answer