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:
Adolescent Drug Use
The consumption of legal or illegal substances by individuals in their teenage years, which can significantly affect mental and physical development.
Tolerance
The acceptance of an element, habit, or practice without negative reaction, or the body's diminishing response to a substance due to repeated exposure.
Increasing Amounts
A term referring to any situation or parameter that is continuously growing or becoming greater in number, size, value, or volume.
Drug
A substance that has a physiological effect when ingested or otherwise introduced into the body, often used for medicinal purposes.
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