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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 20122021. Volunteers began operations in
Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 20122021. Volunteers began operations in 2013, while Raiders began several years earlier.
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.)
Net Year VOLUNTEERS INCU RAIDERS INOU (Sin millions) (Sfin millions) Net Retained Retained Income (Loss) Earnings Income (Lossy Earnings $ 0 $ 34 $ 112 $ (62) (7) 59 22 44 2012 2013 2014 2015 2016 116 83 12017 116 12018 (61) (150) 558 12019 55 2020 340 91 2021 341 143 Mayt
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