An analysis of the transactions made by K. T. Lang & Co., a law firm, for the month of July is shown below. Each increase and decrease in equity is explained. 
Instructions
(a) Determine how much equity increased for the month.
(b) Compute the amount of net income for the month.
Definitions:
Rules Of Thumb
Simple, general principles or guidelines that are not based on precise calculations, but are used to make quick decisions or estimations.
Routines
Repetitive sequences of actions regularly followed in daily operations or processes.
Well-Known
Being widely recognized or familiar to many people.
Desired State
The preferred or targeted condition or status that an individual, group, or organization aims to achieve.
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