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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
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 eamings each year for each company. Neither company paid dividends during this time. (Enter your answers in millions (ie., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.) VOLUNTEERS INC. (in millions) Net Income (Loss) RAIDERS INC. 000000000 (in millions) Retained Not Income Retained Year Earnings (Loss) Earnings 2012 $ 0 3G 11 2013 S 30 2014 17) 2015 41 2016 135 2017 30 2018 (131) 2019 577 2020 358 2021 300 000000000 (43) 63 63 102 136 (42) 74 110 162
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