Answered: Calculate the balance of retained…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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.)

VOLUNTEERS INCORPORATED RAIDERS INCORPORATED
($ in millions)
($ in millions)
Year
Net Income
Retained
Net Income
Retained
(Loss)
Earnings
(Loss)
Earnings
2015
$
0 $
$
35
$
11
2016
10
(63)
2017
(5)
60
2018
21
43
2019
115
82
2020
10
115
2021
(151)
(62)
2022
557
54
2023
339
90
2024
340
142
Prev

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