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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
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 yo 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 INCORPORATED RAIDERS INCORPORATED ($ in millions) ($ in millions) Year Net Income (Loss) Retained Earnings Net Income Retained (Loss) Earnings 2015 $ 0 $ 0 $ 33 $ 10 2016 12 (61) 2017 (6) 62 2018 23 45 2019 117 84 2020 12 117 2021 (149) (60) 2022 559 56 2023 341 92 2024 342 144
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