Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.

1. Lita Lopez invested $67,000 cash and office equipment valued at $37,000 in the company.
2. The company purchased an office suite for $43,000 cash.
3. The company purchased office equipment for $5,800 cash.
4. The company purchased $3,500 of office supplies and $1,500 of office equipment on credit.
5. The company paid a local newspaper $880 cash for printing an announcement of the offices opening.
6. The company completed a financial plan for a client and billed that client $4,800 for the service.
7. The company designed a financial plan for another client and immediately collected a $8,400 cash fee.
8. Lita Lopez withdrew $1,000 cash from the company for personal use.
9. The company received $3,800 cash as partial payment from the client described in transaction f.
10. The company made a partial payment of $750 cash on the equipment purchased in transaction d.
11. The company paid $2,000 cash for the office secretarys wages for this period.

Required: 1. Enter the amount of each transaction on individual items of the accounting equation. (Reductions in account balances should be indicated with a minus sign.)

2. Determine the company's net income.