Exercise 3-15 Calculate the balance of retained earnings (L03-5) Below are the r

Question

Exercise 3-15 Calculate the balance of retained earnings (L03-5) Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2009-2018. Volunteers began operations in 2010, 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). VOLUNTEERS INC. RAIDERS INC. S in millions) S in millions) Net Retained Net Retained Year Income (Loss) Earnings Income (Loss) Earnings 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 30 $ 12 25 (5 36 130 25 (48) 56 58 97 130 (47) 69 105 157 (136 572 354 355

Explanation / Answer

VOLUNTEERS INC RAIDERS INC Year Net income (loss) Retained Earnings Net income (loss) Retained Earnings 2009 0 30 10 2010 25 25 -48 -38 2011 -5 20 56 18 2012 36 56 58 76 2013 130 186 97 173 2014 25 211 130 303 2015 -136 75 -47 256 2016 572 647 69 325 2017 354 1001 105 430 2018 355 1356 157 587

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