Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc.
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Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time?
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VOLUNTEERS INC. $ in millions) 5 RAIDERS INC. ($ in millions Retained Earnings $0 Retained Earnings $10 Net Income Net Income Year 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 oss $ 25 (53) $ 20 53 92 125 (52) 125 20 (141) 567 349 350 100 152
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Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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