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Below are the restated amounts of net income and retained earnings for Company A and Company B for the period Year 1Year 10. Volunteers began
Below are the restated amounts of net income and retained earnings for Company A and Company B for the period Year 1Year 10. Volunteers began operations in Year 2, 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.)
Company A Company B ($ in millions) ($ in millions) Net Retained Net Retained Earnings Income (Loss)Earnings Income (Loss) Year $ $ $ Year 1 0 26 11 $ Year 2 21 (52) Year 3 (7) 52 Year 4 32 54 126 93 Year 5 126 Year 6 21 (51) Year 7 (140) Year 8 568 65 Year 9 350 101 351 153 Year 10
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