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Volunteers began operations in 2013, while Raiders began several years earlier. Required: Calculate the balance of retained earnings each year for each company. Neither company
Volunteers began operations in 2013, 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.) Answer is complete but not entirely correct. RAIDERS INC. VOLUNTEERS INC. ($ in millions) Net Retained ($ in millions) Net Retained Income (Loss) Earnings 29 $ 11 Year Income (Loss) Earnings - $ 0 $ 2012 2013 $ (49) 55 60 X 115 X 2014 2015 57 172 X 2016 96 268 X 24 (7) 35 129 24 (137) 571 353 354 24 17 52 181 205 68 639 992 1,346 129 2017 2018 2019 2020 2021 397 X 349 X 417 X (48) 68 104 156 521 X 677 X
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