Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, 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.) Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) ($ in millions) $ Net Income (Loss) Retained Earnings 0 $ 13 (5) 24 118 13 (148) 560 342 343 Net Income (Loss) 0 $ 32 (60) 61 46 85 118 (59) 57 93 145 Retained Earnings $ 11
Below are the restated amounts of net income and retained earnings for Volunteers Incorporated and Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, 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.) Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 VOLUNTEERS INCORPORATED RAIDERS INCORPORATED ($ in millions) ($ in millions) $ Net Income (Loss) Retained Earnings 0 $ 13 (5) 24 118 13 (148) 560 342 343 Net Income (Loss) 0 $ 32 (60) 61 46 85 118 (59) 57 93 145 Retained Earnings $ 11
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 Incorporated and
Raiders Incorporated for the period 2015 to 2024. Volunteers began operations in 2016, 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.)
Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
VOLUNTEERS INCORPORATED
($ in millions)
$
Net Income
(Loss)
Retained
Earnings
0 $
13
(5)
24
118
13
(148)
560
342
343
0
RAIDERS INCORPORATED
($ in millions)
Net Income
(Loss)
32
(60)
61
46
85
118
(59)
57
93
145
Retained
Earnings
$
11
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