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Compute the amount of net income for the month

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Question

An analysis of the transactions made by Peat Deloitte & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $560 for rent, $4,800 for salaries and wages, and $400 for utilities.

Cash + Accounts Receivable + Supplies + Equipment = Accounts Payable + Owner's Capital -Owner's  Drawings + Revenues -Expenses

1.+$15,000+$15,0002.-2,000+$5,000+$3,0003.-750+$7504.+4,000+$4,500+$8,5005.-1,500-1,5006.-2,000-$2,0007.-560-$5608.+450-4509.-4,800-4,80010.+400-400

(a) Determine how much owner's equity increased for the month.

(b) Compute the amount of net income for the month.

Reference no: EM132360171

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