1.calculate net income? 2.compute retain earnings at the end of accounting period? 3.contrast new trial balance after taking into consideration a and b above? 4. what are retained earnings?

Note : please show all steps? e.g how calculate net income etc

[The following information applies to the questions displayed below Shown below is a trial balance for Cornell Products, Inc., on adjusting entries: Il Products, Inc., on December 31, after $ 15,500 12,750 22,500 Cornell Products, Inc. Trial Balance December 31, 2018 Cash Accounts Receivable Office Equipment Accumulated Depreciation Accounts Payable Capital Stock Retained Earnings Dividends Service Fees Earned Salaries Expense Advertising Expense Depreciation Expense $ 6,000 7,750 22,500 -0- 7,500 45,500 16,000 3,250 4,250 $ 81,750 $ 81,750 Please answer the following: Make sure you show all your calculations - you may either use equations, T Accounts, or Journal Entries to arrive at your results, but show every step. a) Calculate the Net Income for the period. (X marks)