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

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

business accounting

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Answer 1

Answer #1

Volunteers Inc retained earnings balance

Year	Beginning balance of retained earnings (A)	Net income / loss (B)	Balance of retained earnings C = A +B
2012	0	0	0
2013	0	28	28
2014	28	(5)	23
2015	23	39	62
2016	62	133	195
2017	195	28	223
2018	223	(133)	90
2019	90	575	665
2020	665	357	1022
2021	1022	358	1380

Raiders Inc retained earnings balance

Year	Beginning balance of retained earnings (A)	Net income / loss (B)	Balance of retained earnings C = A +B
2012	(21)	33	12
2013	12	(45)	(33)
2014	(33)	60	27
2015	27	61	88
2016	88	100	188
2017	188	133	321
2018	321	(44)	277
2019	277	72	349
2020	349	108	457
2021	457	160	617

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Answer 2

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