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Level 1
October 1, 2020
Question

HOw do I balance beginning year asset and liability section.Where do I put net income in beginning year balance

  • October 1, 2020
  • 1 reply
  • 8 views
in 2017 tax return that I am preparing ..Schedule L beginning year balance is out of balance. I am not able to see where do I put net income in liability part
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1 reply

PhoebeRoberts
Intuit Community Champion
October 1, 2020

Prior year net income closes to retained earnings at year-end.