[GNC] When closing books, equity statement report is incorrect

[Stan Brown (using GC 4.14)]

On 2023-10-22 12:55, Quinn Wood wrote:
> The only use case where retained earnings comes into play is when
> performing bookkeeping for a business that is taxed separately from its
> owners.

I don't think that's right.

(1) I was on the Board of a 501(c)(3) tax-exempt charity, and we had
retained earnings. They were the excess of income over expenses for the
year to date.

(2) I have retained earnings -- again, the excess of income over
expenses for year to date. Part of that is gains and losses on
investments, both realized and unrealized. It would never occur to me to
call that "discretionary spending money", _especially_ the unrealized gains.

While the _name_ Retained Earnings may not be appropriate for every
entity, the _thing_ is, as far as I can see.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com