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What would Sammys Pizza report for net income

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Question - Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020:

 

Cash Revenues

Cash Expenses

2018

$29,000

$15,500

2019

$39,000

$18,500

2020

$49,000

$26,500

Required -

1. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020?

2. Assume that Sammy's Pizza paid a $7,250 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings for 2019 and 2020?

Reference no: EM132489833

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