The question number E1.8 and E1.9

E1.8 (LO 4) Writing An analysis of the transactions made by Kang & Co., a public accounting firm, Exercises 1-39 for the month of August is shown below. The expenses were $560 for rent, $4,800 for salaries and wages, and $400 for utilities. Analyze transactions and compute net income. Assets Accounts = Liabilities + Cash Accounts Equity Share Retained Earnings 1. +$15,000 + Receivable + Supplies + Equipment = Payable + Capital + Rev. - Exp. - Div. 2.00 -2,000 +$5,000 +$15,000 301 -750 +$3,000 Issued Shares -+$750 +4,600 -$4 500 -1,500 +69,100 -2,000 -1,500 Service Revenue -650 -$2,000 +450 -450 -E650 Rent Expense -3,900 log of guica nood and and Age duanee to1+500 -3,900 Sal./Wages Expense -500 Utilities Expense Instructions a. Describe each transaction that occurred for the month. b. Determine how much equity increased for the month. c. Compute the amount of net income for the month. E1.9 (LO 5) An analysis of transactions for Kang & Co. was presented in E1.8. Prepare financial statements. Instructions Prepare an income statement and a retained earnings statement for August and a statement of financial position at August 31, 2020. Assume that August is the company's first month of business. E1.10 (LO 5) Kinney A.S. had the following assets and liabilities on the dates indicated. Determine net income ( or loss). December 31 Total Assets Total Liabilities 2019 $400,000 $250.000 2020 $460,000 $300,000 2021 $590,000 +400,000