Yes retained earnings that are restricted for building expansion are placed on the classified balance sheet. Retained earnings are not considered assets.
Yes, since this account (Retained Earnings) is a credit account and an uppropriate retained earnings account is simply a non-restricted account which is Retained Earnings !!! Even the restricted/ appropriate retained earnings are credited.
Prior year earnings, retained in the entity, that will be available for unrestricted use whenever whatever restrictions expire.
Retained earnings
Release restricted funds by creating a journal entry which is a credit to the restriction account and a debit to retained earnings
Stetement of retained earnings summarizes the changes occured in retained earnings from opening balance to closing balance.
Yes, I think there are some restrictions as to its use. Retained earnings are the accumulated profits/ income that arose from the operation of the business. It's use is sometimes restricted when considering some accounting principles. Mostly, the timing of recording, limit of charging based on the transaction and accounting measures, and qualification of the transactions for Retained earnings to be affected.
A new business has no retained earnings. Retained earnings are prior years earnings that have not been distributed to the shareholders... if it is a brand new business there is no possible way to have retained earnings at inception date.
retained earnings=profit after tax- dividend distribution
NO, the retained earnings would be in the equity part of the equation.
normal balance of retained earnings: credit.
Retained Earnings is a Non-Current Liability
From retained earnings.