Figgaro Company began operations on August 1. The Company's accounts and their balances, as of the end of August, are included below. All accounts have normal balances: Accounts receivable Equipment Service revenues Rent expense Office supplies Notes payable $ 36,000 59,000 Cash $27,000 Advertising expense 16,000 87,000 Accounts payable 31,000 6,300 J. Figgaro, Withdrawals 19,000 1,500 Salaries expense 30,000 22,000 J. Figgaro, Capital 49,500 Required: (Show your work) a. Calculate net income. b. Determine the amount of owner's equity to be shown on the August 31 balance sheet.