{"id":1754,"date":"2022-10-10T13:10:27","date_gmt":"2022-10-10T13:10:27","guid":{"rendered":"https:\/\/kryoturk.com\/?p=1754"},"modified":"2023-09-25T10:00:10","modified_gmt":"2023-09-25T10:00:10","slug":"how-to-calculate-retained-earnings-formula","status":"publish","type":"post","link":"https:\/\/kryoturk.com\/?p=1754","title":{"rendered":"How to calculate retained earnings formula + examples"},"content":{"rendered":"<div id=\"toc\" style=\"background: #f9f9f9;border: 1px solid #aaa;display: table;margin-bottom: 1em;padding: 1em;width: 350px;\">\n<p class=\"toctitle\" style=\"font-weight: 700;text-align: center;\">Content<\/p>\n<ul class=\"toc_list\">\n<li><a href=\"#toc-0\">Double Entry Bookkeeping<\/a><\/li>\n<li><a href=\"#toc-1\">Dividends and Retained Earnings<\/a><\/li>\n<li><a href=\"#toc-2\">AccountingTools<\/a><\/li>\n<li><a href=\"#toc-4\">Free Accounting Courses<\/a><\/li>\n<li><a href=\"#toc-5\">What is Income Summary?<\/a><\/li>\n<li><a href=\"#toc-6\">Join over 140,000 fellow entrepreneurs who receive expert advice for their small business finances<\/a><\/li>\n<li><a href=\"#toc-7\">Create a free account to unlock this Template<\/a><\/li>\n<li><a href=\"#toc-8\">What is the Normal Balance in the Retained Earnings Account?<\/a><\/li>\n<\/ul>\n<\/div>\n<p>Since technology is not going anywhere and does more good than harm, adapting is the best course of action. We plan to cover the PreK-12 and Higher Education EdTech sectors and provide our readers with the latest news and opinion on <a href=\"https:\/\/accounting-services.net\/bookkeeping-atlanta\/\">https:\/\/accounting-services.net\/bookkeeping-atlanta\/<\/a> the subject. From time to time, I will invite other voices to weigh in on important issues in EdTech. We hope to provide a well-rounded, multi-faceted look at the past, present, the future of EdTech in the US and internationally.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' 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\" width=\"257px\" alt=\"normal balance of retained earnings\"\/><\/p>\n<p>On the other hand, though stock dividends do not lead to a cash outflow, the stock payment transfers part of the retained earnings to common stock. For instance, if a company pays one share as a dividend for each share held by the investors, the price per share will reduce to half because the number of shares will essentially double.  Because the company has not created any real value simply by announcing a stock dividend, the per-share market price is adjusted according to the proportion of the stock dividend. In financial modeling, it\u2019s necessary to have a separate schedule for modeling retained earnings. The schedule uses a corkscrew type calculation, where the current period opening balance is equal to the prior period closing balance.<\/p>\n<h2 id=\"toc-0\">Double Entry Bookkeeping<\/h2>\n<p>This bookkeeping concept helps accountants post accurate journal entries, so keep it in mind as you learn how to calculate retained earnings. Retained earnings are net income (profits) that a company saves for future use or reinvests back into company operations. You should report retained earnings as part of shareholders\u2019 equity on the balance sheet. Retained earnings are affected by an increase or decrease in the net income and amount of dividends paid to the stockholders.<\/p>\n<ul>\n<li>Now, how much amount is transferred to the paid-in capital depends upon whether the company has issued a small or a large stock dividend.<\/li>\n<li>Shareholder\u2019s equity section includes common stock, additional paid-in capital, and retained earnings.<\/li>\n<li>If a share is issued with a par value of $1 but sells for $30, the additional paid-in capital for that share is $29.<\/li>\n<li>This means that the value of each account in the income statement is debited from the temporary accounts and then credited as one value to the income summary account.<\/li>\n<li>However, a debit balance in Retained Earnings is relatively rare and typically indicates financial distress.<\/li>\n<\/ul>\n<p>The retained earnings portion of stockholders\u2019 equity typically results from accumulated earnings, reduced by net losses and dividends. Like paid-in capital, retained earnings is a source of assets received by a corporation. Paid-in  capital is the actual investment by the stockholders; retained earnings is the investment by the stockholders through earnings not yet withdrawn.<\/p>\n<h2 id=\"toc-1\">Dividends and Retained Earnings<\/h2>\n<p>Dividends can be paid out as cash or stock, but either way, they&#8217;ll subtract from the company&#8217;s total retained earnings. At the end of an accounting year, the balances in a corporation&#8217;s revenue, gain, expense, and loss accounts are used to compute the year&#8217;s net income. When the year&#8217;s revenues and gains exceed the expenses and losses, the corporation will have a positive net income which causes the balance in the Retained Earnings account to increase. This is the net profit or net loss figure of the current accounting period, for which retained earnings amount is to be calculated. A net profit would lead to an increase in retained earnings, whereas a net loss would reduce the retained earnings. Thus, any item such as revenue, COGS, administrative expenses, etc that impact the Net Profit figure, certainly affects the retained earnings amount.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' 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\" width=\"250px\" alt=\"normal balance of retained earnings\"\/><\/p>\n<p>For example, during the period from September 2016 through September 2020, Apple Inc.\u2019s (AAPL) stock price rose from around $28 to around $112 per share. During the same period, the total earnings per share (EPS) was $13.61, while the total dividend paid out by the company was $3.38 per share. As an investor, one would like to know much more\u2014such as the returns that the retained earnings have generated and if they were better than any&nbsp;alternative investments. Additionally, investors may prefer to see larger dividends rather than significant annual increases to retained earnings.<\/p>\n<h2 id=\"toc-2\">AccountingTools<\/h2>\n<p>Alternately, dividends are cash or stock payments that a company makes to its shareholders out of profits or reserves, typically on a quarterly or annual basis. Retained earnings allow businesses to fund expensive asset purchases, add a product line, or buy a competitor. Your firm\u2019s strategy should influence how you choose to use retained earnings and cash dividend payments.<\/p>\n<p><img decoding=\"async\" class='aligncenter' style='display: block;margin-left:auto;margin-right:auto;' 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\" width=\"257px\" alt=\"normal balance of retained earnings\"\/><\/p>\n<p>Since all profits and losses flow through retained earnings, any change in the income statement item would impact the net profit\/net loss part of the retained earnings formula. Dividends paid are the cash and stock dividends paid to the stockholders of your company during an accounting period. Where cash dividends are paid out <a href=\"https:\/\/accounting-services.net\/what-is-retained-earning-s-normal-balance\/\">normal balance of retained earnings<\/a> in cash on a per-share basis, stock dividends are dividends given in the form of additional shares as fractions per existing shares. Both cash dividends and stock dividends result in a decrease in retained earnings. The effect of cash and stock dividends on the retained earnings has been explained in the sections below.<\/p>\n<h2 id=\"toc-3\">Which Transactions Affect Retained Earnings?<\/h2>\n<p>Shareholder\u2019s equity section includes common stock, additional paid-in capital, and retained earnings. Stock dividends, on the other hand, are the dividends that are paid out as additional shares as fractions per existing shares to the stockholders. However, management on the other hand prefers to reinvest surplus earnings in the business. This is because reinvestment of surplus earnings in the profitable investment avenues means increased future earnings for the company, eventually leading to increased future dividends.<\/p>\n<ul>\n<li>The effect of cash and stock dividends on the retained earnings has been explained in the sections below.<\/li>\n<li>They go up whenever your company earns a profit, and down every time you withdraw some of those profits in the form of dividend payouts.<\/li>\n<li>There are several benefits to retained earnings, such as the flexibility and fact that business owners are in control.<\/li>\n<\/ul>\n<p>A company indicates a deficit by listing retained earnings with a negative amount in the stockholders\u2019 equity section of the balance sheet. The firm need not change the title of the general ledger account even though it contains a debit balance. The most common credits and debits made to Retained Earnings are for income (or losses) and dividends.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Content Double Entry Bookkeeping Dividends and Retained Earnings AccountingTools Free Accounting Courses What is Income Summary? Join over 140,000 fellow entrepreneurs who receive expert advice for their small business finances Create a free account to unlock this Template What is the Normal Balance in the Retained Earnings Account? 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