Question & Answer: Sammy’s Pizza opened on January 1, 2014. Sammy’s reported the following for cash revenues and cash expen…..

Sammy’s Pizza opened on January 1, 2014. Sammy’s reported the following for cash revenues and cash expenses for the years 2014 to 2016: Cash Revenues Cash Expenses 2014 $ 15,000 $ 8,500 2015 $ 25,000 $ 11,500 2016 $ 35,000 $ 19,500 Assume that Sammy’s Pizza paid a $3,750 dividend to stockholders in 2015. What would Sammy’s Pizza report for net income and retained earnings for 2015 and 2016?

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Statementshowing Computations
Paticulars                 2,014.00                 2,015.00                 2,016.00
Cash revenues              15,000.00              25,000.00              35,000.00
Less Cash expenses              (8,500.00)            (11,500.00)            (19,500.00)
Net income                 6,500.00              13,500.00              15,500.00
Dividend Paid                 3,750.00
Addition to retained earnings                 6,500.00                 9,750.00              15,500.00
Retained earnings                 6,500.00              16,250.00              31,750.00

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