Module $1/$Chapter $3$b

$($i$)$

$$

Help

$2\mathrm{.}66$ points

Print References

Exercise $3-15($Algo$)$ Calculate the balance of retained earnings $($LO$3-5)$

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.$)$

$\backslash$table$[[$Year$,\backslash$table$[[$VOLUNTEERS INCORPORATED$],[($ $ in millions$)]],\backslash$table$[[$RAIDERS INCORPORATED$],[($ $ in millions$)]]],[\backslash$table$[[$Net Income$],[($Loss$)]],\backslash$table$[[$Retained$],[$Earnings$]],\backslash$table$[[$Net Income$],[($Loss$)]],\backslash$table$[[$Retained$],[$Earnings$]]],[2015,$$ $0,0,$$ $33,$$ $12],[2016,28,,(45),],[2017,(5),,60,],[2018,39,,61,],[2019,133,,100,],[2020,28,,133,],[2021,(133),,(44),],[2022,575,,72,],[2023,357,,108,],[2024,358,,160,]]$