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
Prepare a balance sheet at July 31, 2010.
Definitions:
Resource Demand
The desire and ability of producers to acquire resources or inputs necessary for production.
Production Substitute
An alternative product or process that can be used in place of another in production, often to save costs or improve efficiency.
MR = MC
A principle in economics stating that profit maximization occurs when a firm's marginal revenue (MR) equals its marginal cost (MC) of production.
Profits Maximization
The process or strategy aimed at achieving the highest possible profit by a firm within a given period.
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