Exercise 1-08 An analysis of the transactions made by Wildhorse Co., a certified public accounting firm, for the month of August is shown below. Assets = Liabilities + Stockholders' Equity Retained Earnings + + + Accounts Receivable + Common Stock Cash Accounts Payable + Supplies Equipment Revenues Expenses Dividend 1. +$15,000 +$15,000 2. -1,000 +$4,000 +$3,000 3. -750 + $750 4. +$3,500 +$8,700 Service Revenue 5. -1,700 +5,200 -1,700 -1,100 -550 6. -$1.100 7. -$550 Rent Expense 8. +450 -450 9. -5,600 -5,600 Salaries/Wages Expense Utilities Expense 10. + 300 -300 (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 $