Statement of Retained Earnings
The Statement of Retained Earnings is a financial statement that summarizes a business's net income and its changes in retained earnings over a specific period. It outlines how much of the profit earned during an accounting period has been retained by the company, rather than being distributed as dividends to shareholders. The statement provides insight into the company's financial health and ability to generate profits, and is used by investors, creditors, and management to make informed decisions about the business. This statement is prepared in accordance with generally accepted accounting principles (GAAP) and cost accounting standards, ensuring consistent and transparent reporting of financial information.