For the items listed , select the appropriate code letter whether the item is :
-Retained earnings
A) Asset (A)
B) Liability(L)
C) Equity item (E)

Question

Quizplus · Accepted Answer

Retained earnings represent the portion of net income that is retained by the corporation rather than distributed to its owners as dividends. It is classified as an equity item because it represents ownership interest.

For the Items Listed , Select the Appropriate Code Letter