Question: Pams Crafts opened on January 1, 2016. Pams reported the following for cash revenues and cash expenses for the years 2016 to 2018: Required a.

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?

Cash Revenues Cash Expenses 2016 2017 2018 $40,000 $50,000 $70,000 $21,000 $32,000 $48,000

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