An analysis of the transactions made by White Stripes & Co., a law firm, for the month of July is shown below. Each increase and decrease in stockholders' equity is explained. 
Instructions
(a) Determine how much stockholders' equity increased for the month.
(b) Compute the amount of net income for the month.
Definitions:
Stanford-Binet
A cognitive ability assessment test that measures intelligence across five factors: fluid reasoning, knowledge, quantitative reasoning, visual-spatial processing, and working memory.
Emotional Intelligence
The ability to perceive and express emotion accurately and adaptively, to understand emotion and emotional knowledge, to use feelings to facilitate thought, and to manage emotions in oneself and others.
Goleman
Daniel Goleman is a psychologist and author known for his work on emotional intelligence, emphasizing its importance in personal and professional success.
Culturally Biased Tests
Tests that may not fairly reflect the abilities of individuals from diverse cultural backgrounds due to the inclusion of culturally specific content.
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