Question: Pam s Crafts opened on January 1 2016 Pam s reported the

Pam’s Crafts opened on January 1, 2016. Pam’s reported the following for cash revenues and cash expenses for the years 2016 to 2018:
Required
a. What would Pam’s Crafts report for net income and retained earnings for the years 2016, 2017, and 2018?
b. Explain the difference between net income and retained earnings.
c. Assume that Pam’s Crafts paid a $6,000 dividend to stockholders in 2017. What would Pam’s
Crafts report for net income and retained earnings for 2017 and 2018?

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  • CreatedApril 20, 2015
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