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 owner's equity is explained. 
Instructions
(a) Determine how much owner's equity increased for the month.
(b) Compute the amount of net income for the month.
Definitions:
Inspecting
The process of examining something carefully in order to ascertain its condition, quality, or compliance with certain standards or regulations.
Lost Profits
Financial gains that could have been earned but were not due to a breach of contract or other wrongful act.
Consequential Damages
Compensation for losses not directly caused by a breach of contract but resulting as a foreseeable consequence of the breach.
Breach of Warranty
The failure to fulfill the terms of a promise or guarantee made about the quality or functionality of a product or service.
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