An analysis of the transaction made by Cullumber & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $500 for rent, $5,200 for salaries and wages, and $400 for utilities.

1. Determine how much owners equity increased for the month.

Net increase in owners equity.

2. Compute the amount of net income for the month.

Net income

Cash	Acounts Receivable	supplies	Equipment	Account Payable	Owners Capital	Owners Drawings	Revenues	Expenses
+$15,100					+$15,100
-$3,100			+$5,200	+$2,100
-$700		+$700
+2,800	+$4,700						+$7,500
-1,600				-1,600
-1,700						-$1,700
-550								-$550
+450	-450
-5,200								-5,200
				+400				-400