mvp2885
Level 5
Retained earnings gets closed to each shareholder's equity? Wouldn't retained earnings be reported on Schedule L of an 1120S? If you close Retained earnings that would give you a $0 for each year.  I've seen many 1120S and most if not all have beg, and ending balances for Retained earnings. Note: although I've seen many 1102s, I haven't worked on them, and trying to get understanding on it.
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