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) Prepare an income statement for the month ending July 31, 2010.
(b) Prepare an owner's equity statement for the month ending July 31, 2010.
Definitions:
Produced Units
The total quantity of items manufactured or completed in a given period by a production process.
Data Period
The specific timeframe during which data is collected for analysis or reporting purposes.
Direct Labor
The labor cost directly associated with the production of goods or services, such as wages paid to workers or employees.
Efficiency Variance
The difference between the actual input used in production and the standard input that should have been used, measured in monetary terms.
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