Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc.

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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2006â€“2015. Volunteers began operations in 2007.

Required:
Calculate the balance of retained earnings each year for each company. Neither company paid dividends during thistime.

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Financial Accounting

ISBN: 978-0078025549

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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Question Posted: Jul 15, 2014 03:30 AM

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Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc.

Question:

RAIDERS INC. ($ in mill VOLUNTEERS INC. Net Income Retained Net Income Earnngs Loss S 35 (43) Retained Earnings $11 S 30 2010 2011 2012 2013 2014 2015 135 30 (131) 577 359 102 135 (42) 74 110 162

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Volunteers Inc in millions Raiders Inc in millions Year Net Inc...View the full answer

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