OUTDU. 19.1.BUS_211.05/Lecture%205%20-%20Extra%20Question QUESTION 4: John Smith owns a consulting business. He began the month of May with total assets of $120,000, liabilities of $70,000 and owner's equity of $50,000. During the month of May, he had the following events: 1) Invested additional capital of $10,000 cash in his business. 2) Billed his clients $15,000 for consulting services performed in May. Client hasn't paid. 3) Received $50,000 cash from a client for services to be performed in June and July. 4) He withdrew $8,000 cash from his business 5) Incurred $6,000 for various business expenses, to be paid in June. Required: a) How much did the company's cash balance increase or decrease as a result of the events above? (Show calculations) b) How much net income will John Smith report in its income statement for the month of May? (Show calculations) c) What is John Smith's equity at the end of May? (Show your calculations) d) How much will the total assets of the business be at the end of May