Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders...
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Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) ($ in millions) VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) Year Net Income (Loss) Retained Earnings Net Income (Loss) Retained Earnings 2015 $ 0 69 $ 0 $ 28 $ 10 2016 23 (50) 2017 2018 63 (6) 54 34 56 2019 128 95 2020 23 128 2021 (138) (49) 2022 570 67 2023 352 103 2024 353 155 Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) ($ in millions) VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) Year Net Income (Loss) Retained Earnings Net Income (Loss) Retained Earnings 2015 $ 0 69 $ 0 $ 28 $ 10 2016 23 (50) 2017 2018 63 (6) 54 34 56 2019 128 95 2020 23 128 2021 (138) (49) 2022 570 67 2023 352 103 2024 353 155
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Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
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