All of the data for the statement of retained earnings is taken from the Balance Sheet columns of the work sheet.

Question

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The statement of retained earnings is derived from the ending balance of the previous period's retained earnings, plus or minus any adjustments made during the current period. It is not directly taken from the Balance Sheet columns of the work sheet, although the ending balance of retained earnings is reported on the balance sheet.

All of the Data for the Statement of Retained Earnings