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Question - Sammy's Pizza opened on January 1, 2018. Sammy's reported the following for cash revenues and cash expenses for the years 2018 to 2020:
Cash Revenues
Cash Expenses
2018
$29,000
$15,500
2019
$39,000
$18,500
2020
$49,000
$26,500
Required -
1. What would Sammy's Pizza report for net income and retained earnings for the years 2018, 2019, and 2020?
2. Assume that Sammy's Pizza paid a $7,250 dividend to stockholders in 2019. What would Sammy's Pizza report for net income and retained earnings for 2019 and 2020?
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