An analysis of the transactions made by Sheridan Company, a certified public accounting firm, for the month of August is shown below. Each change in revenues or expenses is explained. Stockh Assets Accounts Receivable Supplies Liabilities + Accounts Payable + + + + Equipment Common Stock $14,000 + Revenues Expen 1. 2. $5,500 $2,000 3. $700 $4,200 $8,400 Cash $14,000 -3,500 -700 4,200 - 1,300 - 1,000 -550 400 -4,700 4. 5. 6. 7. 8. 9. 10. -1,300 -$5 -400 -4,7 700 An analysis of the transactions made by Sheridan Company, a certified public accounting firm, for the month of August is shown below. Each change in revenues or expenses is explained. Liabilities + Accounts Payable Stockholders' Equity Retained Earnings Expenses - Dividend plies + Equipment Common Stock $14,000 + + Revenues $5,500 $2,000 $700 $8,400 Service Revenue - 1,300 -$1,000 - $550 Rent Expense -4,700 -700 Salaries/Wages Expense Utilities Expense 700 (b) Determine how much stockholders' equity increased for the month. Increase in stockholders' equity $ $ $2450 (c) Compute the amount of net income for the month. Net income / (loss) $ 2450