On april 1st of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April:

On April 1 of the current vear, Morgan Jones established a business to manage rental property. She completed the following tranisactions during April: a. Opened a business bank account with a deposit of $29,000 in exchange for common stock. b. Purchased office supplies on account, $1,980. c. Received cash from feis earmed for managing rental property, $5,490, d. Paid rent on office and equipment for the month, 32,430 . e. paid erediters on account, $900. f. Billed customers for fees eamed for managing rental property, $4,500. 9. Pald automobile expenses for month, $540, and miscellaneous expenses, $270. h. Paid office salaries, $1,710. 1. Determined that the cost of supplies on hand was $1,170; therefore, the cost of supplies used was $810. J. Paid dividends, $1,620. Required: 2. Stockhoiders' equity is the right of stockholders (owners) to the assets of the business. These tights are by issuing common stock and reveriues and by dividends and expenses. 3. Betermine the net income for April. 4. How much did April's transaictiont Increace or decrease stockholders eadify? by 5