An analysis of the transactions made by Skysong, Inc., a certified public accounting firm, for the month of August is as follows. Each increase and decrease in stockholders' equity is explained. Assets Liabilities + Stockholders' Equity Retained Earnings Accounts Accounts Common Cash Receivable + Supplies + Equipment = Payable Stock + Revenues Expenses Dividends 1. +$16,000 +$16,000 2. -2,500 +$5,500 +$3,000 3. -700 +$700 4. +5,700 +$3,800 5. -1,300 +$9,500 -1,300 Service Revenue 6. -2,000 7. -600 -$2,000 -$600 Rent Expense 8. +350 -350 9. -4,100 10. +300 -4,100 Salaries/Wages Expense -300 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 $