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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2009-2018. Volunteers began operations in
Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2009-2018. 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. (S in millions) (S in millions) Net Retained Net Retained Income (Loss) Earnings Income (Loss) Earnings $ 0 $ 34 10 29 (44) (6) 62 2009 s 2010 2011 2012 40 62 2013 134 101 2014 29 134 2015 (132) (43) 73 2016 2017 2018 576 358 359 109 161
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