An analysis of the transactions made by Cookie Mountain Legal, a law firm, for the month of July is shown below. Each increase and decrease in stockholders' equity is explained. 
Instructions
(a) Prepare an income statement for the month ending July 31, 2018.
(b) Prepare a retained earnings statement for the month ending July 31, 2018.
Definitions:
Budgeted Selling Price
An estimated amount for which a product is expected to be sold, determined during the budgeting process.
Budgeted Unit Sales
The number of units a company anticipates selling in a future period as outlined in its budget.
Cash Collections
The process of receiving and managing the cash a company receives from its customers, sales, or other sources.
Budgeted Sales
The planned or forecasted sales for a future period, often used for planning and control purposes.
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