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Intermediate Accounting: Reporting...
What is the suggested format for the statement of retained earnings? What are the two most common elements in this statement?
Provide the format of the statement of retained earnings and also state the two common elements in the statement.
Retained earnings:
Retained earnings are that portion of profits which are earned by a company but not distributed to stockholders in the form of dividends. These earnings are retained for various purposes like expansion activities, or funding any future plans.
- The manner by which the  following the statement of retained earnings is determined sis given below in the following format:
| Particulars | Amount in $ |
| Beginning retained earnings, as previously reported |  |
| Add / (Minus): Prior period (and retrospective) adjustments (net income tax effect) | Â |
| Adjusted retained earnings | Â |
| Add/ (Minus): Net in... |
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