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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021. Volunteers began operations in
Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021. Volunteers began operations in 2013, 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.) VOLUNTEERS INC. ($ in millions) Net Year Income (Loss) Retained RAIDERS INC. ($ in millions) Net Retained Earnings Income (Loss) Earnings 2012 $ 0 $ 30 $ 12 2013 $ 25 (48) 2014 (5) 56 2015 36 58 2016 130 97 2017 25 130 2018 (136) (47) 2019 572 69 2020 354 105 2021 355 157
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