An analysis of the transactions made by Cookie Mountain Legal, a law firm, for the month of July is shown below. Each increase and decrease in stockholders' equity is explained. 
Instructions
(a) Prepare an income statement for the month ending July 31, 2018.
(b) Prepare a retained earnings statement for the month ending July 31, 2018.
Definitions:
Judgment Goal
A cognitive objective focusing on forming evaluations or decisions about a particular subject or scenario.
Development Goal
Objectives set for personal or organizational growth that guide progress towards achieving a larger aspiration or purpose.
Self-Improvement
The process of enhancing one's knowledge, status, character, or well-being through personal efforts and positive thinking.
Defensive Pessimists
Individuals who employ a strategy of setting low expectations and mentally preparing for negative outcomes to manage anxiety and perform well.
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