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exercise 1 8 an analysis of the transactions made by mark kotsay amp co a certified 531619

Exercise 1-8

An analysis of the transactions made by Mark Kotsay & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $651for rent, $4,100for salaries and wages, and $364for utilities.

Cash + Accounts
Receivable
 + Supplies + Equipment = Accounts
Payable
 + Owner’s
Capital
 – Owner’s
Drawings
 + Revenues – Expenses
1. $14,683 $14,683
2. –3,337 $5,947 $2,610
3. –652 $652
4. 5,608 $3,295 $8,903
5. –1,625 –1,625
6. –2,728 –$2,728
7. –651 –$651
8. 436 –$436
9. –4,100 –4,100
10. 364 –364
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(b) and (c)
Your answer is incorrect. Try again.

(1) Determine how much owner’s equity increased for the month.

Increase in owner’s equity $

(2) Compute the amount of net income for the month.

Net income $
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