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Why Retained Earnings is adjusted and does not roll with net income?
My retained earnings balance is changing at the beginning of the next period and therefore does not tie to my cumulative net income. My beginning retained earnings in the current year does not agree to my prior year ending retained earnings plus prior year net income. I suspect this is due to how we are closing out our CTA balance (zeroing out the CTA with a CTA Elimination entry each period to move it to the income statement, we have to do this because of how an entity was setup with the functional currency as the foreign currency when it
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