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:
Noncurrent Liabilities
Financial obligations of a company that are not due to be settled within one year, including long-term loans, bonds payable, and long-term lease obligations.
Current
In finance, "current" typically refers to assets and liabilities that are expected to be realized or settled within one year from the reporting date.
Interest Expense
The cost incurred by an entity for borrowed funds over a period of time.
Net Income
The amount of earnings remaining after all expenses and taxes have been subtracted from total revenue.
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