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

adeshtyagi1111 · ‎10-01-2020

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

PhoebeRoberts · ‎10-01-2020

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