This is the problem I am stuck on.
The cash balance was 4,000, and Notes Payable amounted to 2,000. The compnay had revenues of 6,000 and expenses of 3,500. The company's Land account had a 9,000 balance. Dividends amounted to 500. There was 6,000 of common stock issued.
a)Assuming that the beginning balance in the Retained Earnings account was 2,600, determind its balance after the nominal accounts were closed.
b)What is the net income to be reported?
Can someone please help me with the formula to use and work the problem I seem to be getting the answer wrong when I try to work it.