VOLUNTEERS INC. RAIDERS INC. ($ in millions) ($ in millions) Net Income Retained Net Income Retained Year (Loss) Earnings (Loss) Earnings 2012 $0 $ 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
VOLUNTEERS INC. RAIDERS INC. ($ in millions) ($ in millions) Net Income Retained Net Income Retained Year (Loss) Earnings (Loss) Earnings 2012 $0 $ 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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Question
Below are the restated amounts of net income and
Required:
Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time.
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