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

Question:

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.

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Related Book For answer-question

Financial Accounting

ISBN: 978-1259914898

5th edition

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

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Question Posted: Dec 09, 2019 05:04 AM

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

Question:

VOLUNTEERS INC. RAIDERS INC. ($ in millions) ($ in millions) Retained Net Income Retained Net Income Year (Loss) Earnings (Loss) Earnings $ 35 $0 $11 2012 $ 30 2013 (43) 2014 (7) 63 2015 63 102 2016 135 135 2017 30 2018 (131) (42) 2019 577 74 2020 359 110 2021 360 162

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

Financial Accounting

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