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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 20092018. Volunteers began operations in
Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 20092018. Volunteers began operations in 2010, 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).) Year VOLUNTEERS INC. RAIDERS INC. ($ in millions) ($ in millions) Net Retained Net Retained Income (Loss) Earnings Income (Loss) Earnings $ 0 $ 30 $ 10 15 (58) (6) 64 2009 2010 2011 2012 26 48 2013 120 87 2014 15 120 2015 (146) (57) 2016 562 59 2017 344 95 2018 345 147
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