Question 3 of 4 -/1 + + + View Policies Current Attempt in Progress An analysis of the transactions made by Sheridan Company, a certified public accounting firm, for the month of August is shown below. Each change in revenues or expenses is explained. Assets Liabilities Stockh Accounts Accounts Common Cash Receivable Supplies Equipment Payable Stock Revenues Expen: 1. $14,000 $14,000 2. -3,500 $5,500 $2,000 3. -700 $700 4. 4.200 $4,200 $8,400 5. -1.300 -1,300 6. - 1,000 7. -550 -$5 8. 400 -400 9. -4,700 -4.7 700 -7 10. Current Attempt in Progress An analysis of the transactions made by Sheridan Company, a certified public accounting firm, for the month of August is shown below. Each change in revenues or expenses is explained. Liabilities Stockholders' Equity Accounts Common Retained Earnings plies Equipment Payable Stock Revenues Expenses - Dividend $14.000 $5.500 $2.000 $700 $8,400 Service Revenue -1,300 -$1,000 -$550 Rent Expense -4,700 -700 Salaries/Wages Expense Utilities Expense 700 (b) Determine how much stockholders' equity increased for the month. in stockholders' equity $ (c) Compute the amount of net income for the month. Net income / (loss) $