FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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. (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 INC. RAIDERS INC. ($ in millions) ($ in millions) Net Retained Net Retained Income Year Income (Loss) Earnings Earnings (Loss) 2012 $ 2 35 11 2013 $ 30 (43) 2014 (7) 63 2015 41 63 (x 2016 135 102 2017 30 135 2018 (131) (42) 2019 577 74 2020 359 110 2021 360 162
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Transcribed Image Text: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. (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 INC. RAIDERS INC. ($ in millions) ($ in millions) Net Retained Net Retained Income Year Income (Loss) Earnings Earnings (Loss) 2012 $ 2 35 11 2013 $ 30 (43) 2014 (7) 63 2015 41 63 (x 2016 135 102 2017 30 135 2018 (131) (42) 2019 577 74 2020 359 110 2021 360 162
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