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Retained Earnings, Negative P&L Number, Net Income?

Damian Phang
on 12/19/13, 10:52 AM 1,259 views

Hi Folks,

I'd like to upload a picture of my sample trial balance to show the problem.

I've configured the inventory valuation to use anglo-saxon model + perpetual inventory costing. Everything works fine now and all calculations are correct. However:

#1 - There is no line shown as Net Operating Income #2 - Reported income is Negative Number (Understood, but would be better if it'd show a positive number) #3 - There is no retained earnings in Balance Sheet, how do I post income to this account and show it on the BS? #4 - PL is posted under Liabilities in Balance Sheet, there's no RE to transfer the balance to.

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Asked: 12/19/13, 10:52 AM
Seen: 1259 times
Last updated: 3/16/15, 8:10 AM