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:
Western Individualism
A cultural value commonly found in Western societies that emphasizes individual freedom, self-expression, and personal independence over collective goals.
Disruptive Mood Dysregulation Disorder
A psychological disorder characterized by severe and recurrent temper outbursts that are disproportionate to the situation and developmentally inappropriate.
State-dependent Memory
The phenomenon whereby information learned in a particular state of mind or environment is more easily recalled when in the same state.
Pessimistic Explanatory Style
A tendency to explain negative events as permanent, personal, and pervasive, which is linked to higher risk of depression.
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