GIFI Balance sheet question - dividends
I hope that accounting pros will be able to help with my question that I have in doing my small corporation taxes..
How do you include dividends paid to shareholders into GIFI balance sheet? Can you please confirm that I should:
- in "Retained Earnings" area choose code 3700 (Dividends declared) and in amount area enter -10000 (that is if I paid 10000 in dividends).
Is that right place do specify dividends paid to shareholder? Is there a difference if instead of "3700 (Dividends declared)" I'll use "3701 Cash dividends"? Is it OK to enter this amount as negative?
Thank you very much in advance for your help!