The University Bookstore was organized as a corporation. Jane Doe and Ralph Smith each contributed $35,000 cash to start the business and received 3,000 shares of common stock. The store completed its first year of operations on December 31, 2015. On that date, the following financial items for the entire year were determined: Cash on hand and in the bank, 42,000; Due from customers from sales of text books, $6,100; store and office equipment were purshased for $40,000; amounts owed to publishers for the books purshased $6,000; and notes payable to a local bank, $2,000 at 10%. No dividends were declared or paid to stockholders during the year.

Required: You have been asked to complete the balance sheet at the end of 2015.

My question is: How do I find the Net Income?