8. Classify the following items as investment by owner, owner's drawings, revenue, or expenses. Then indicate whether each item increases or decreases owner's equity. Classification Effect on Equity Rent Expense Service Revenue Drawings Salaries and Wages Expense 9. TRANSACTION 1. INVESTMENT BY OWNER Ray Neal decides to start a smartphone app development company which he names Softbyte. On September 1, 2017, he invests $15,000 cash in the busine ss. This transaction results in an equal increase in assets and owner's equity. 10. Transactions made by Virmari & Co., a public accounting firm, for the month of August are shown below. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting equation, 1. 2. 3. 4. 5. The owner invested $25,000 cash in the business The company purchased $7,000 of office equipment on credit. The company received $8,000 cash in exchange for services performed. The company paid $850 for this month's rent. The owner withdrew $1,000 cash for personal use 11. Presented below is selected information related to Flanagan Company at December 31,2017. Flanagan reports financial information monthly. Equipment $10,000 Utilities Expense S 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Owner's Drawings 5,000 (a) Determine the total assets of at December 31, 2017 (b) Determine the net income reported for December 2017. (c) Determine the owner's equity at December 31, 2017 12. Presented below is selected information related to Flanagan Company at December 31, 2017. Flanagan reports financial information monthly Equipment $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Salaries and Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Owner's Drawings 5,000 (a) Determine the total assets of at December 31, 2017 (b) Determine the net income reported for December 2017. (c) Determine the owner's equity at December 31, 2017