When using the Trial Balance Worksheet to prepare the Statement of Retained Earnings,what information is used from the Trial Balance Worksheet?

Question

Quizplus · Accepted Answer

The Trial Balance Worksheet provides the beginning balance of Retained Earnings and any dividends for the period, which are both needed to prepare the Statement of Retained Earnings. Net income or net loss, revenues and expenses, and the cash account are used to prepare the Income Statement and not directly relevant to the preparation of the Statement of Retained Earnings.

When Using the Trial Balance Worksheet to Prepare the Statement