Retained Earning Account vs Net Income Account

Very nicely described in this website:

The primary difference between retained earnings and net income is time. Net income is the bottom-line profit your business earns for a given period. Retained earnings is the accumulation of those earnings over time to reinvest in the business or to maintain as a safety net.

Details: http://smallbusiness.chron.com/difference-between-retained-earnings-net-income-60293.html

How to Calculate Net Income From Retained Earnings

http://smallbusiness.chron.com/calculate-net-income-retained-earnings-21182.html