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) Prepare an income statement for the month ending July 31, 2014.
(b) Prepare a retained earnings statement for the month ending July 31, 2014.
Definitions:
Q11: The cash flows relevant for the analysis
Q15: The statement of financial position is also
Q25: The total of the individual account balances
Q34: The cost of capital may be different
Q48: 77 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB3135/.jpg" alt="77 " class="answers-bank-image
Q78: Equity is decreased by<br>A) assets.<br>B) revenues.<br>C) expenses.<br>D)
Q87: Accountants rely on a fundamental business concept-ethical
Q115: When the periodic payments are not equal
Q204: Retained earnings at the end of the
Q243: A good internal control feature is to