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. (Enter your answers in millions (.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated by a minus sign.)

Below are the restated amounts of net income and retained earnings for Volunteers Inc and Raiders 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 companyNeither company paid dividends during this time. (Enter your answers in millions (ie10,000,000 should be entered 10). Amounts to be deducted should be indicated by minus sign.)

Answer 1

	Volunteer's Inc.		Raider's Inc.
	($ in millions)		($ in millions)
Year	Net Income	Retained Earnings	Net Income	Retained Earnings
2012	$                         -	$                              -	$                    30	$                             10
2013	$                        15	$                             15	$                  -58	$                           -48
2014	$                         -6	$                               9	$                    64	$                             16
2015	$                        26	$                             35	$                    48	$                             64
2016	$                      120	$                          155	$                    87	$                          151
2017	$                        15	$                          170	$                  120	$                          271
2018	$                    -146	$                             24	$                  -57	$                          214
2019	$                      562	$                          586	$                    59	$                          273
2020	$                      344	$                          930	$                    95	$                          368
2021	$                      345	$                       1,275	$                  147	$                          515