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 $560for rent, $4,800for salaries and wages, and $400for 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

(b)

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

Net increase in owner's equity$

(c)

Compute the amount of net income for the month.

Net income