Sammy s Pizza opened on January 1 2016 Sammy s reported the
Sammy’s Pizza opened on January 1, 2016. Sammy’s reported the following for cash revenues and cash expenses for the years 2016 to 2018:
Required
a. What would Sammy’s Pizza 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 Sammy’s Pizza paid a $5,000 dividend to stockholders in 2017. What would Sammy’s Pizza report for net income and retained earnings for 2017 and 2018?
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