Which financial statement shows computation of net income

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The 2015 annual report of Kirkland Products disclosed net income of approximately $ 87 million for the fiscal year ending March 31 , 2015 , and retained earnings of approximately $ 485 million as of March 31 , 2015

Question (a) Which financial statement shows computation of net income ?

Question (b) Which financial statement includes the retained earnings figure of $ 485 million ?

Question (c) Explain why Kirtland reports $ 87 million as net income , but a much larger amount , $ 485 million , as retained earnings .

Reference no: EM132512749

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