An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is shown below.

		Assets							=	Liabilities	+	Stockholders Equity
		Cash	+	Accounts Receivable	+	Supplies	+	Equipment		Accounts Payable		Common Stock		Retained Earnings
									=		+		+	Revenues		Expenses		Dividend
1.		$16,000										$16,000
2.		3,500						$5,500		$2,000
3.		800				$800
4.		4,500		$3,200										$7,700					Service Revenue
5.		1,200								1,200
6.		3,000																-$3,000
7.		550														$550			Rent Expense
8.		400		400
9.		4,800														4,800			Salaries/Wages Expense
10.										450						450			Utilities Expense

(b) Determine how much stockholders equity increased for the month.

Increase in stockholders' equity

$

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

Net income

$