Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021. 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.) VOLUNTEERS INC. RAIDERS INC. ($ in millions) ($ in millions) Net Retained Net Retained Income Year Income (Loss) Earnings Earnings (Loss) 2012 35 11 2013 30 (43) 2014 (7) 63 2015 41 63 2016 135 102 2017 30 135 2018 (131) (42) 2019 577 74 2020 359 110 2021 360 162
Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021. 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.) VOLUNTEERS INC. RAIDERS INC. ($ in millions) ($ in millions) Net Retained Net Retained Income Year Income (Loss) Earnings Earnings (Loss) 2012 35 11 2013 30 (43) 2014 (7) 63 2015 41 63 2016 135 102 2017 30 135 2018 (131) (42) 2019 577 74 2020 359 110 2021 360 162
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012-2021.
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.)
VOLUNTEERS INC.
RAIDERS INC.
($ in millions)
($ in millions)
Net
Retained
Net
Retained
Income
Year
Income (Loss)
Earnings
Earnings
(Loss)
2012
$
2
35
11
2013
$
30
(43)
2014
(7)
63
2015
41
63
(x
2016
135
102
2017
30
135
2018
(131)
(42)
2019
577
74
2020
359
110
2021
360
162
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